Massive Influx of New Residents Change Real Estate Landscape in Texas

SEATTLE, Nov. 21, 2013 /PRNewswire/ -- Redfin (www.redfin.com), the technology-powered real estate brokerage, today released its first-ever in-depth analysis focusing specifically on Austin, Dallas and Houston. Approximately 2.5 million Americans relocated to Texas between 2008 and 2012, in search of high-paying energy and professional services jobs and a low cost of living. This sharp influx of new residents, many from states with higher median home prices, has impacted the local real estate markets in these three Texas cities in unexpected ways.

(Logo: http://photos.prnewswire.com/prnh/20131113/SF17046LOGO)

The report shows:

• The overall size of homes in all three cities is starting to decrease. While homes are the largest in Houston, with a median size of 2,184 square feet, home sizes across all three cities have been falling steadily since 2011.
• Over the past year home prices saw double digit growth in all three cities. Median list prices in Austin were the most expensive, at $250,000 in October 2013, but home prices in Houston appreciated the most, growing 14.5% over the past year. In comparison, list prices in Austin and Dallas grew 10.1% and 10.0%, respectively.  
• Since 2008, specialty home features, such as granite countertops, swimming pools and solar panels have become increasingly common in Texas homes. Houston area homes offer the most luxurious features, with 47.8% of home listings highlighting high-end finishes, up from 37.2% in 2008.
• Austin homes are most likely to offer outdoor amenities and environmentally friendly elements. In 2013, 57.6% of home listings in Austin included outdoor living features, such as a deck, pool or garden, up from 43.3% in 2008. Nearly 5% of Austin homes for sale in 2013 included green phrases such as "solar," "sustainable," and "energy efficient," up from 3.1% in 2008.

About Redfin 'Local Insights' Report
Redfin Local Insights is based on interviews with local Redfin agents, statistics compiled from the Multiple Listing Service, public record sales data, and Redfin's Offer Insights, which are statistics and anecdotes about winning and losing offers made by Redfin agents for their home-buying clients.

To read the full Texas 'Local Insights' analysis, click the following link: http://blog.redfin.com/?p=19569

About Redfin
Redfin (www.redfin.com) is a technology-powered real estate broker that represents people buying and selling homes. Founded and run by technologists, Redfin has a team of experienced, full-service real estate agents who are advocates, not sales-people, earning customer-satisfaction bonuses, not commissions. Redfin online tools feature all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. The company serves 22 U.S. markets and has closed more than $8 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider. Follow us on our blog (blog.redfin.com), Facebook (facebook.com/redfin), Google+ (plus.google.com/+Redfin), LinkedIn (linkedin.com/company/Redfin), and Twitter (@redfin).

SOURCE Redfin

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED