The new Texas Condominium Sales Report shows that condo and townhouse prices in Texas have risen between July 2020 and June 2021 in comparison to the same time last year. 

The report by Texas Realtors has found that the number of condos sold throughout the state increased 41% with 17,152 sales, and townhouse sales had 11,508 sales for a growth of 36.4%, according to a statement.

"This rapid uptick of condo and townhome sales is another great example of demand for Texas real estate. The market for these types of properties is as competitive as ever, and is another strong real estate option for those who wish to live in Texas," Marvin Jolly, chairman of Texas Realtors, said in the statement. "Condos and townhomes are available at multiple price points and can be a great option for many entry-level homebuyers, young professionals or retirees looking for a lock-and-leave lifestyle."

From June 2020 to June 2021, condominiums statewide showed a median sales increase of 24%, with the average price of a condo sale at $240,00, the release said. For townhouses, the median price of a sale had an increase of 18% with the median price of $285,000 for a townhouse.

According to the release, the total for condos sold in Texas from June 2020 to June 2021 came in at $5,067,334,976 and townhouses totaled $3,423,466,353 in sales for the year. 

As true with most of the reality trends in Texas currently, the inventory for condos decreased from 5.1 months to 2.2 months. For townhouses, that decrease went from 4.2 months to two months, which the average time a property sat on the market being 48 days compares to 71 days in June 2020.

To read the full Texas Condominium Sales Report by Texas Realtors, visit texasrealestate.com.