Thousands of Americans have been migrating to Texas over the past decade, and the rate has increased significantly in the past five years. Not surprisingly, this influx of people coupled with organic population growth has led to increased demand for housing. With home purchases rebounding from the pandemic, Texas housing markets are hotter than ever. Using data from RedfinIncluding the number of new listings, pending sales, inventory for sale, and median sales prices from May 2020 to May 2021, we have determined the five most popular real estate markets in Texas. Read on to find out which cities are on the list.
Plano is located in the Dallas-Fort Worth metropolitan area, starting out as a mere suburb of Dallas before becoming a large city in its own right, with a population of more than 285,000, according to World Population Review. Plano has always been sought after by home buyers, but over the past year, demand has severely reduced the city’s housing supply. From May 2020 to May 2021, Plano’s available-for-sale inventory fell 60.6%, from 632 to 249 a year later. Pending sales have risen substantially, by 58.8%, from 274 in May 2020 to 435 in May 2021. Not surprisingly, Plano home prices have risen sharply since last year. The median sales price in Plano increased 24.6%, from $ 345,000 in May 2020 to $ 430,000 in May 2021.
This dynamic border city with Mexico has grown over the years, from an essentially rural town in the early 1920s.th century, in an important economic center. Its steady growth has allowed its housing market to keep pace, but a recent surge in demand has put McAllen’s available inventory under pressure. From 532 homes available for sale in May 2020, McAllen’s inventory fell 48.9% to 272 homes for sale in May 2021. Pending sales increased 41.6% and new listings 19, 4%. Homes in McAllen remain comparatively affordable, with a median sales price of $ 195,000 in May 2021, although that price has risen 14.7% since last May.
Like Plano, Irving is a Dallas suburb that has grown into one of the largest cities in Texas, with a population of more than 230,000. Over the past year, Irving’s real estate market has heated up, with the number of pending sales increasing by 50% from May 2020 to May 2021. Faced with rising demand, Irving’s available inventory has plummeted nearly a year. 62% of 373 homes for sale in May. 2020, down to just 142 in May 2021. Meanwhile, prices are up nearly 22% year-over-year, from a median sale price of $ 283,000 last May, to $ 345,000 in May 2021.
To the northwest of Plano is Frisco, a city whose growth over the last decade is impressive. From a population of 116,989 in 2010, Frisco has grown to more than 209,000, according to the city website. Frisco was already popular with home buyers, but over the past year, the housing market has become especially active. Pending sales increased 42% from May 2020 to May 2021, while Frisco’s on-hand inventory plunged 70.5% – from 863 homes for sale in May 2020, to just 255 homes by the end of May 2021. With demand high and inventory declining, Frisco’s median sales price increased nearly 24%, from $ 437,000 in May 2020 to $ 541,000 in May 2021.
Dallas, like many of its neighboring suburbs, has seen its housing market catch fire. Demand for housing in the city has exploded over the past year, with the number of pending sales up 60.6%, from 1,075 in May 2020 to 1,726 in May 2021. As a result, available inventory has been reduced more than half. Last May, there were 4,123 homes for sale in Dallas. A year later, in May 2021, the on-hand inventory dropped to 1,839 households. With the market so tight, Dallas home prices have risen sharply since last year. From $ 316,000 in May 2020, Dallas’ median sales price has grown nearly 33% in just one year, reaching $ 420,000 in May 2021.