MIDLAND, Texas (Nexstar) — In just the month of January alone, the City of Midland set a number of new records in the housing market industry, and sales show there’s no slowing down anytime soon. The average home price in Midland right now is $310,000 with a list price at $325,000 which means realtors are selling at about 97% of the original asking price.
If you’re currently looking for a new house in Midland, you’ve experienced the high cost value many of these homes are selling for. At The Sales Team Realtors, Brian Sales, co-owner and broker, says the reasoning behind this boils down to one thing…
“It’s the demand for housing. With new workers coming into the market place, oil and gas industries, and the service industries it’s bringing in a lot of new workers.”
People are eager to purchase new homes but many are feeling the effects of the setback in inventory seen around the area. The amount of people ready to buy a home is outweighing the number of homes actually available due to lumber and metal prices at historical levels along with work wages at higher rates.
For those potential buyers on the fence deciding whether or not to take the leap into purchasing a new home in the hot market we’re seeing today, there are two things that should be greatly considered: Can you afford the house and do you love the house.>
With the average home right now staying on the market for about 37 days, which is down from 54 days at this time last year, the buyer’s market is competitive and prices are on the rise.