Texas condominium and townhome sales rose between July 2020 and June 2021, compared to the same period the previous year, according to the 2021 edition of the Texas Condominium Sales Report released today by Texas Realtors. The number of condominiums sold across the state increased 41% to 17,152 sales, while townhome sales grew 36.4% to 11,508 sales. The report analyzes condominium and townhome data for the entire state as well as Austin-Round Rock, Dallas-Fort Worth-Arlington, El Paso, Houston-The Woodlands-Sugar Land, McAllen-Edinburg-Mission and San Antonio-New Braunfels metropolitan statistical areas.
“This rapid uptick of condo and townhome sales is another great example of demand for Texas real estate. The market for these types of properties is as competitive as ever and is another strong real estate option for those who wish to live in Texas,” said Marvin Jolly, chairman of Texas Realtors. “Condos and townhomes are available at multiple price points and can be a great option for many entry-level homebuyers, young professionals or retirees looking for a lock-and-leave lifestyle.”
Median price increased for both condominiums and townhomes. Statewide, the median condominium sales price in June 2021 was $240,000, a 24% increase over June 2020. The median sales price for townhomes was $285,000 in June 2021, an increase of 18.7% from the previous June. The average price-per-square-foot in June 2021 reached $247 for condominiums and $170 for townhomes.
Housing inventory for Texas condominiums decreased from 5.1 months of inventory in June 2020 to 2.2 months in June 2021, while the inventory of townhomes decreased from 4.2 to 2.0 months. Texas condominiums spent an average of 48 days on the market in June 2021—down from 71 days in June 2020—while townhomes went from 63 days to 36.
The total dollar volume of condominiums and townhomes sold in Texas between July 2020 and June 2021 totaled $5,067,334,976 in condominium sales and $3,423,466,353 in townhome sales.
Jolly concluded, “Many buyers choose these types of properties for their proximity to urban areas, added amenities and low upkeep. Those and other characteristics make condos and townhomes an appealing choice to people who may not be interested in a single-family home. A Texas Realtor can help buyers navigate the competitive market and provide guidance on these types of properties.”