ODESSA, Texas — More people are moving to Texas! According to the latest 2021 census, the population of Texas grew drastically more than any other state, and looks like it will continue that way. Now, local realtors are having to adjust.
This past year, the Lone Star state has become the most popular state to move to, with a population of just under 30 million people. What does this affect? Well, a local board of realtors says that’s affecting the west Texas housing market.
Connie Coots from the Odessa Board of Realtors says, “You know, it’s making the housing market really competitive.”
West Texas is on the more affordable side of the nations housing market and will be there for quite some time.
“In Odessa, you know, our average price is around 228 thousand. You know, compared to everywhere else in the country that’s really low. Texas overall is around 300 thousand,” says Coots.
The increase in population, and the start of the new year, go hand in hand, in affecting housing affordability in west Texas. But, experts say right now it’s still pretty steady.
“Actually, in November we saw a decrease just slightly of about 2 percent. So, it just depends, you know during the holidays, it sometimes does go down just a little bit because people like to kind of, stay in their p-j’s a little bit and they don’t like to look as much but after the first of the year, things start picking up, people start getting excited about looking at properties,” adds Coots.
But with more people coming to the state, more housing is needed. West Texas is already on top of it.
Coots mentions, “we have a lot developers right now that have a lot of new construction going up, you can see just driving around our town, there’s a lot of new homes going up, so there’s a lot of supply for people who are wanting to buy, a lot of choices.”
The Census Bureau projects Texas’ population to grow another 4 million people the end of the year 2030.