Two Texas cities have landed at the top of a list of the country’s hottest housing markets.
But it’s not Dallas or Houston that have had the strongest home price increase.
Odessa and Wichita Falls were ranked first nationally for home price gains in a new report by Realtor.com
Fueled by the oil and gas boom, home prices in Odessa were up more than 34% year-over-year in September, according to Realtor.com.
With a median home list price of $271,400, Odessa residential values are topping Dallas-Fort Worth sales prices.
“With all the engineers, truckers, and welders moving here, the number of homes on the market has plummeted by 44% over the past 12 months, which is pushing prices ever higher,” according to Realtor.com
In Wichita Falls, median home list prices have grown by more than 27% in the last year.
“Affordability plays a big role: Many of these places are still under $150,000,” Realtor.com reports.
While home prices are soaring in Odessa and Wichita Falls, home values are growing much slower in the DFW area.
Median sales prices in 2018 have increased by about 5% since last year.
“As other markets are starting to level off a bit or go down, some are playing catch-up from a bump in the road,” Joseph Kirchner, senior economist at Realtor.com, said in a statement.
Tribune Content Agency