Categories: First Time Buyer, Homeownership
In September 2015 the Washington Post published an article analyzing the most popular home types in the top 40 American cities. The study included six Texas cities— Dallas, Houston, Austin, San Antonio, El Paso, and Fort Worth.
Citing data from the 2014 American Community Survey, the article indicates that detached, single family homes are currently the most popular home type in all six Texas cities, making up more than 40% of total housing units in Dallas, Houston and Austin, and more than 60% of total housing units in San Antonio, El Paso and Fort Worth.
For comparison, the second most popular home type—apartment or condo buildings with 20+ units—only comprised about 20% of housing units in Dallas, Houston and Austin, and less than 10% of total housing units in San Antonio, El Paso and Fort Worth. Click here to see the most popular home types in all 40 major U.S. cities.
Condo and Townhome Sales on the Rise
But research shows that, as Texas cities grow larger and home prices increase, more families and individuals are bucking this trend and seeking to buy condos or townhomes instead. According to the 2014 Texas Annual Housing Report produced by the Texas Association of REALTORS®, condos and townhomes were the fastest-growing housing types in Houston, Dallas, San Antonio and Austin, with sales for these home types up 10% in the first half of 2014. Condos and townhomes also spent an average of 14 fewer days on the market in all four metro areas, further emphasizing the growing demand.
Dr. Svenja Gudell, Zillow’s Chief Economist explains why condos and townhomes are increasing in popularity. “Condos increasingly represent a strong-performing, often affordable choice, particularly for first-time buyers interested both in homeownership and in keeping a lower-maintenance, city lifestyle.”