Two new reports paint a bright picture of the housing market in Midland and Odessa now and for the next three years.
The Local Monitor Reports, released today, cite a 7 percent increase in Midland home prices over the last 12 months, which puts the average home price at $183,463. In Odessa, prices have gone up 5 percent over the last year and the current average home price is $210,980. In the last three years, home prices were up 10 percent in both markets.
The good news doesn’t stop there. Both markets are scored significantly into the “low risk investment” category. The reports predict an 8 percent increase in home values over the next 12 months in Midland—compare that a national average of 4.6 percent. In the second and third years, prices are forecast to increase 9 percent and 9 percent, respectively.
In Odessa, they predict a 7 percent increase in home values over the next 12 months, and 9 percent in both the second the third years.
Why this rosy glow around the Midland-Odessa housing market? One word: Jobs.