"New vs. Pre-Owned: What's the Better Value in Texas Real Estate 2023?"

As of 2023, it depends on the specific location and property in question, but in many cases, buyers can get more for their money with new construction homes in the Texas real estate market. According to the National Association of Home Builders (NAHB), the cost of building materials, labor, and land have all increased significantly in recent years, which has driven up the cost of new construction homes. However, these costs have also led to a decrease in the inventory of existing homes, which has contributed to rising prices in the pre-owned market.

While new construction homes may be more expensive upfront, they often come with modern features and energy-efficient systems that can save buyers money in the long run. New construction homes also generally require less maintenance than pre-owned homes, which can save homeowners time and money.

According to data from the Texas A&M Real Estate Center, the median price per square foot for new construction homes in Texas was $149 in February 2023, while the median price per square foot for pre-owned homes was $131. However, these numbers can vary widely based on location and other factors.

Overall, it's important for buyers to consider both new construction and pre-owned homes in the Texas real estate market and to work with a knowledgeable real estate agent who can help them make an informed decision based on their specific needs and budget.

Sources:

• National Association of Home Builders: https://www.nahb.org/news-and-economics/housing-economics/housing-indexes/housing-market-index

• Texas A&M Real Estate Center: https://www.recenter.tamu.edu/data/housing-activity/#!/activity/state/texas/

Amanda Allen, Realtor, MRP - RE/MAX Landmark

www.AmandaAllenHomes.com - 903-603-0648

Thank you for reading! If you have any questions or want to learn more about the exciting world of real estate, don't hesitate to reach out to me. Whether you're a first-time homebuyer, a seasoned investor, or simply curious about the market, I'm always here to help. Let's make your real estate dreams a reality!