Real estate in Midland, Texas is holding its own this season as summer dwindles down. With the recent relief of having climbed over housing hurdles in the last few years, Midland enjoyed record-breaking movement in real estate during the first half of 2017. With recent job growth, low unemployment, and a shifting inventory of available houses, now is a great time to list or shop for a house in Midland, Texas.
A Look at Housing Stats
The energy buzz that was spring and summer is beginning to wane, but its not all said and done just yet for 2017 and real estate in Midland, Texas. While it’s true that more houses sell during spring and summer than any other time of year, there’s still a solid opportunity to buy or sell before year’s end. Available inventory is on the rise, and as more houses hit the market for sale, the longer those homes stay on the market, also influencing average home values. The last push of the year has yet to hit home, which is that autumn rush of wanting to be settled before the onset of the holiday season and winter.
As a whole, new construction in the state of Texas is feeling a pinch. Stagnant wages, short supply of homes in the right price range, and rising construction costs put a dent in Texas housing affordability. However, Midland seems to be holding its own with a record breaking 594 new construction permits issued as of May and no signs of slowing down.
What Does this Data Mean?
Older, three-bedroom homes are still the most popular and in highest demand. The median listing price of homes in Midland, Texas is $225,000, with the price per square foot coming in at $102. Median closing price is averaging $165,000. The median value of homes in Midland, Texas is around $156,000.
Homes for sale remain listed on the market right now for an estimated 57 days.
What does this mean if you’re selling a house in Midland?
Sellers are now facing two issues. First, the inventory of houses in Midland is on the rise, meaning buyers have more options and home values can decrease. Second, the hottest selling season of the year is now behind us, so there are fewer buyers. With fewer buyers and more houses available, the plan for listing your property now has got to be aggressive with the goal of having new owners in the home before the turn of the year.
What does this mean if you’re buying a home in Midland?
Buyers are positioned perfectly right now as summer begins to give way to autumn. Summer temperatures are fading into cool autumn afternoons, creating the perfect ambiance for house hunting with holiday daydreams. During this time of year, sellers are more motivated because they, too, would like to be settled in their new environment for the New Year. But if you wait much longer, the holidays will be behind us, the spring spirit will have hit the real estate market when it piques again and prices rise while inventory drops.
Although the real estate whirlwind of spring and summer is winding to a close, there’s still time to cash in on the sales season of 2017, especially with being still on the tail end of summer and barely on the cusp of autumn. But there is limited time to get the deal done before the hustle and bustle of the holiday season, and to get that homeowner status for the 2017 tax year.
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