Understanding the Texas Real Estate Market & Its Impact On Custom Homes
Whether you are a long-time Texas resident moving within the state or considering moving to Texas, the housing market is a very important aspect to consider. Countrywide, the housing market has seen many changes as many properties are snatched up as rentals.
What does this mean for you?
Jim Bland Construction has analyzed the current real estate market in Texas, and we’ve compiled some important information about choosing to build a custom home in Texas.
Texas Housing Market Overview
Unlike other areas of the country, home prices in Texas have decreased by about 0.41% compared to 2023.
The median home price is about $343,900.
The number of building permits in Texas has continued to rise, meaning many people are building new homes rather than purchasing existing homes. The number of homes for sale has also increased, which is good for homebuyers as they have plenty of options to choose from.
Interest rates have declined from earlier in 2024, which is a positive sign for homebuyers and home builders. Texas's population growth will continue to shape the housing market.
Building Custom Homes in Texas
While many costs factor into the final investment in building your new home, such as location, size, and level of customization, the average price of building a custom home in Texas is between $350,000 and $900,000+, excluding land and site development.
Meanwhile, the cost per square foot ranges from $180 to $300+, depending on size, style, and material quality.
Some key points about building custom homes in Texas include:
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The price range can be from $180 to $300+ per square foot, which again doesn’t include land costs and additional fees.
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Location, land cost, design complexity, building materials, permits, site preparation, and desired finishes influence cost factors.
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Market trends depend on where the custom home will be located.
Benefits of Building a Custom Home in Texas
Texas’s economy is known for its robustness, diverse industries, and job opportunities. Despite fluctuations around the country, Texas continues to attract businesses and individuals.
The absence of a state income tax makes it a more desirable place for many people and businesses!
In addition, building a custom home means creating a space that fits your family or future plans. There is a general need for newer homes in Texas, and you can earn instant equity when you build rather than buy a home.
You can build where you want to live, choosing the best neighborhood to suit your family’s needs.
Desirable Cities in Texas
As we look ahead to the future, choosing a great city to build your custom home is important.
Some of the top Texas cities to move to include:
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Austin
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Beaumont
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Brownsville
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Corpus Christi
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Dallas
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El Paso
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Houston
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McAllen
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Killeen
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San Antonio
Build Your Dream Home with Jim Bland Construction
For over 50 years, Jim Bland Construction has helped families build custom homes in and around Waco, Texas. As a custom home builder in Texas, our team will bring your vision to life.
We are proud members of the National Association of Home Builders and have built hundreds of homes in Texas. We emphasize design efficiency and innovation to make your custom home perfect for your family.
If you’re ready to learn more about building a custom home, call us at 254-772-6508 or request more information online.