Midland, Texas has every reason to celebrate the current status of its real estate market. The area is breaking records not only for the number of homes sold but also for the average selling price. Lower priced homes are becoming scarce, and public demand for houses is on the rise, so this is an excellent time to buy or sell real estate in Midland, Texas.
A Look at the Housing Stats
The economic confines of 2015 and 2016 seem to be letting loose. Construction of single-family homes is soaring with no signs of slowing down. As of the month of May, 594 permits were issued, which is a record high for the first five months of a year.
Residential real estate is also flying high, breaking records with 1,600 closed sales during the first five months of 2017 and sales prices are also at record-breaking highs. The value of home sales activity in Midland, Texas is up 41% so far this year. During the 2017’s first quarter, sales volume measured year over year increased 4.6 percent. Also went up by 9.4 percent are average sales prices.
What Does this Data Mean?
Many of the sales are attributed to single-family, 3-bedroom homes built primarily between 1970 and 1999. The median listing price of homes in Midland, Texas is $224,000, with the price per square foot coming in at $105. Median closing price is averaging $165,000. The median value of homes in Midland, Texas is around $186,708.
Homes for sale remain listed on the market for an estimated 38 days.
What does this mean if you’re selling a house in Midland?
Following a depressing slow spell in 2015 and 2016, 2017 is proving to be a remarkable time to list your house for sale. With population growth comes more sales and higher sales prices. With little inventory in lower priced homes, buyers are finding creative financing to elevate their budget into higher price brackets. And, with most houses for sale being snatched up in less than 40 days, you may be able to expedite the sales process while the market is hot. This good fortune is particularly the case if you’re sitting on an older 3-bedroom home.
What does this mean if you’re buying a house in Midland?
If you’re waiting for the prices of homes to decline, you could be waiting for a long time. If you’re holding out for just the right house to become available, you might miss out on your opportunity. The fact is, Midland, Texas is experiencing population growth which puts more demand on the real estate market. As more people look for houses and the inventory of available homes shrinks, prices rise and homes listed for sale get bought rather quickly.
As was learned by the depressed conditions in 2015 and 2016, and then again with record-breaking highs during the onset of 2017, nothing lasts forever. At the moment, the real estate market in Midland, Texas is thriving. Home sales and home prices are on the rise, and an expanding population creates more demand for housing. If you’re looking to buy a home in Midland, Texas, now is the time! If you wait too long, the inventory may get more limited while prices continue to rise. And if you’re considering selling your home, you may find it wise to strike while the iron is hot.
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