One in two homes sold in Tarrant County last year was bought by a company or corporation
One in two homes purchased in Tarrant County in 2021 was bought by a company or corporation.
Tarrant County’s share of institutional buyers ranked third nationwide among counties with a population over 50,000. Companies and corporations made up 52% of home purchases in the county in 2021, according to a new report from the National Association of Realtors.
The report outlined characteristics of areas with a share of investors higher than 30%. In those areas (including Tarrant County):
- The number of households grew 11% on average in the last decade.
- Home prices have increased more than 40% in the past decade.
- Rents have increased more than 30% on average in the last decade.
- Home sales rose about 70% on average in the past decade.
Of the 15 counties with the highest share of institutional home buyers, nine are in Texas: Tarrant, Rockwall, Midland, Dallas, Travis, Denton, Harris, Kaufman and Williamson.
In 2021, 28% of homebuyers in Texas were companies, the highest rate nationwide, and is more than double the national average of 13%.
Sellers reported accepting the offers from these kinds of buyers because they offered cash or purchased the property “as is.”
According to a Realtor survey, of homes purchased by institutional buyers, 42% were converted to single-family rentals and 45% were flipped and resold. That’s in part because 42% of homes sold to institutional buyers were reported as being in need of repair.
This story was originally published June 3, 2022 at 4:21 PM.
