Over the past year, almost every state in the United States has seen a huge increase in their housing market, with inventory struggling to keep up with demand, but no one has seen an increase quite like Texas has. 2020 brought people flocking to Texas from all over which lead to massive growth in home sales, pushing prices higher and making the once well-balanced market a competitive one.
Consisting of El Paso, San Angelo, and Odessa, just to name a few, West Texas has become a major market for buyers looking to make the move to the state. Like many other Texas towns, San Angelo has seen a rise in home prices but a decline in inventory. El Paso is seeing a considerable amount of out of town buyers, coming from California, Denver, and other insanely priced real estate markets. According to one Texas real estate agent, people can sell their homes in those markets and then sometimes buy two or three homes in El Paso.
It’s clear that the Texas real estate market shows no sign of slowing down. From the number of major employers moving to the state to the out-of-town buyers attracted to the low tax rate and affordable cost of living, experts seem to think this trend will continue into 2022.