Originally published at Newsweek. Read the full article here! https://www.newsweek.com/texas-housing-supply-surge-real-estate-market-1862988
Housing inventory is surging in Texas despite the nation facing a widespread shortage.
The number of homes for sale in the state has more than doubled from its low during the COVID-19 pandemic and now finds itself at more than 88,000 listings. That’s the highest level since 2019 and far higher than the long-term average, real estate data platform Reventure CEO Nick Gerli said on Monday.
Why Texas Stands Apart
But, besides the mass migration, what makes Texas so different in terms of its housing market?
According to Sammy Lyon, an associate broker at Dow Capital, sprawl is a major factor.
“When cities have the ability to sprawl into new buildings and development, inventory can swing pretty rapidly,” Lyon told Newsweek. “A lot of the supply chain and cost issues that affected construction during COVID have loosened.”
Cities like Los Angeles and New York, on the other hand, are relatively contained, meaning there will be slower inventory shifts.
While buyers might be excited to see a lower price than average, they shouldn’t necessarily see housing as an investment as much as a home, Lyon said.
“It’s great for buyers if sellers get on board and adjust their pricing to reflect the shift, but homeowners should not be banking on appreciation as much as investing in having stable housing for years to come,” Lyon said.
Originally published at Newsweek. Read the full article here! https://www.newsweek.com/texas-housing-supply-surge-real-estate-market-1862988
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