Condominium and townhome sales have stabilized in Texas, according to the Texas REALTORS® 2022 Texas Condominium Sales Report.
The number of condos sold across Texas decreased by 0.2% in 2022, while townhome sales remained statistically static. However, the median price for both has increased 10.4% statewide since July 2021.
“While median prices have gone up, condominiums and townhomes remained a very popular living option for Texans across the state over the past year,” Texas REALTORS® Chairman Russell Berry said. “There was a significant increase in condominium and townhome sales in the previous reporting period, and this year’s report shows that the demand for this property type is still high.”
Condo and townhome sales in the Houston-Woodlands-Sugar Land MSA made up a significant chunk of Texas’ statewide condo and townhome transactions. Of the $5.6 billion spent on condominiums and $3.9 billion spent on townhomes across Texas from July 2021 to June 2022, over $2.7 billion was spent in Houston.
Over the same period, 20,434 new condo listings and 14,439 new townhome listings were entered into Texas Multiple Listing Services. Over 7,000 of these new townhomes were listed in the Houston-Woodlands-Sugar Land MSA, meaning that nearly half of the new townhome inventory in the state is in the Houston metro area.
Townhome inventory and condominium inventory are currently at a 1.8 month supply statewide. Supply is slightly higher in Houston, where condominium inventory is at 2.2 months. Townhome inventory in Houston sits at 1.8 months. Houston also has the highest amount of active condo and townhome listings of any metro area in Texas.