Population growth could be key to Texas housing market success

Positive trends in the Texas real estate market could be heavily rooted in the state's population growth during recent years, the Real Estate Center at Texas A&M University reports.

Positive trends in the Texas real estate market could be heavily rooted in the state's population growth during recent years, the Real Estate Center at Texas A&M University reports.

According to the institution, home prices in the Lone Star State fell in the wake of the housing bubble burst, but have steadily risen since stabilizing in 2010.

After the housing market peak, public property records indicate that the median price of a home in the state reached $147,300, before falling to a low of $145,800 in 2009. However, in 2010 the median home price rebounded to $147,600 - edging above the housing market peak.

Meanwhile, stable property values, a strong job market and the growing population have all worked harmoniously in keeping Texas' housing market well above national averages.

Additionally, the National Association of Professional Mortgage Women recently released a report stating that population growth could significantly impact Texas' housing market and economy in the coming years based on past trends.

The population in Texas grew by 20.6 percent during the past decade - reaching 25 million in 2010. Subsequently, there was a significant boom in the demand for housing, which was the key behind the state's success.

Meanwhile, between 2010 and 2030, Texas is expected to add an estimated 14 million people to its population, which could cause a further spike in housing demand.



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