Real Estate Report

Texas condo sales continue to surge, new report shows

Condo sales are hot in Texas.

Photo courtesy of Kuper Sotheby's International Realty

Condos are a hot commodity in Texas, says a new report from the Texas Association of Realtors.

The recently released Texas Condos Sales Report shows that condo and townhome sales in Texas exceeded $5.4 billion between August 2016 and July 2017. Individually, condo sales saw an 8.6 percent increase, while townhomes saw a 5.1 percent increase during the time period.

“The Texas condominium market has been one of the fastest-growing segments of the housing market this year,” says Vicki Fullerton, chairman of the Texas Association of Realtors, in a release. “These property types are increasingly preferred among many Texas homebuyers, as they often are less expensive to purchase; require less upkeep; and provide closer access to their work, schools, and essential services.”

The Austin metro area had the highest sales dollar volume for condo sales in the state. From August 2016 to July 2017, sales increased 13.2 percent, to 3,302 sales. The sales dollar volume grew almost 20 percent, to just over $1 billion, accounting for nearly one-third of statewide condo sales dollars — the highest in the state.

The Houston metro had the highest sales dollar volume for townhomes: over $934 million, about one-third of Texas' townhome sales dollars.

How does Dallas-Fort Worth compare? From August 2016 to July 2017, condo sales in Dallas-Fort Worth decreased 2.5 percent to 3,747 sales, while townhome sales increased 9.3 percent to 2,724 sales during the same time frame, the report shows. Monthly sales volume for both condos and townhomes peaked in May 2017, with 371 condos sold and 313 townhomes sold throughout the area.

The Dallas-Fort Worth-Arlington area had the second highest townhome sales dollar volume, the survey says. Condominium sales dollar volume increased 10.3 percent to more than $911 million between August 2016 and July 2017, while townhome sales dollar volume grew 19 percent, to more than $756 million.

Like single-family home prices, condo and townhome prices are on the rise in Texas, but they remain an affordable option. In July 2017, the median price of a Texas condo reached $179,900, while the median townhome price hit $226,675.

In Dallas-Fort Worth, a condo will cost you $185,000. That represents a 12.1 percent increase from the first seven months of 2016. Austin has the highest median condo price in the state, at $255,000. In Houston, a condo goes for $135,000, while San Antonio is a steal at $123,700.

The median price for a Dallas townhome is $265,000. That's higher than Austin ($235,000) and Houston ($237,900), and well above San Antonio ($140,000).

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Dallas keeps movers on speed dial as No. 2 city for recent moves, says report

More millennials are moving to Austin than Dallas, a new report says.

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Dallas is shifting as people move into the city and around it. A new population analysis by online loan marketplace LendingTree has named Dallas the No. 2 metro for recent movers.

The study used population data from a 2021 U.S. Census Bureau survey to determine householders and renters who moved to their current home in 2019 or later. It reflects people moving around Dallas as well as moving into it, so it's not just new residents being counted.

About 35 percent of combined homeowners and renters living in their current Dallas homes moved there within the three-year scope of the study. For homeowners, that's about 19 percent, compared to about 59 percent of renters.

The three-year median home value appreciation rate in Dallas was 16.15 percent, the study says, echoing similar reports that the city remains one of the top housing markets for growth.

But other reports that are not looking at such longterm averages are showing that the market seems to be stabilizing recently. In August of 2023, Zillow reported home prices in Dallas-Fort Worth-Arlington dropped 1.4 percent from the previous year to $309,340.

Rent appreciation was not as dramatic, but renters are surely feeling it regardless. The data shows the three-year median gross rent appreciation rate was 8.49 percent.

Renters are much more likely than homeowners to move due to multiple factors: personal circumstances, rising rent prices, landlords who want to change their lease terms, and many others.

"While some regulations protect renters and make it harder for landlords to force them out of their homes, these protections aren’t always robust," the study says. "Because of this, renters can more frequently find themselves in situations where they’re forced to move, even if they like their current home or are strapped for cash."

Dallas fell right behind Austin, which saw nearly 39 percent of homeowners and renters moving between 2019 and 2021. Houston was the only other Texas city to make the top 10, ranking No. 7 with nearly 34 percent of homeowners and renters moving within the same time frame.

The U.S. metros with the largest shares of homeowners and renters who moved in 2019 or later are:

No. 1 – Austin, Texas (38.82 percent)
No. 2 – Dallas, Texas (34.91 percent)
No. 3 – Las Vegas, Nevada (34.81 percent)
No. 4 – Denver, Colorado (34.71 percent)
No. 5 – Orlando, Florida (34.55 percent)
No. 6 – Phoenix, Arizona (34.03 percent)
No. 7 – Houston, Texas (33.50 percent)
No. 8 – Jacksonville, Florida (33.27 percent)
No. 9 – Nashville, Tennessee (33.14 percent)
No. 10 – Salt Lake City, Utah (32.94 percent)

The full report can be found on lendingtree.com.

LendingTree Population Analysis dallas population growth reports