How much does a house in El Paso TX cost?
Many people are rushing to buy houses in El Paso Texas as potential investment opportunities. If you are one of these people then you have come to the right place. The metropolitan area of El Paso TX is home to around 900,000 people while the city itself houses almost 700,000 people. This is a huge advantage when most people are thinking of ways to sell my house fast. In this article, we take an in-depth look at the real estate market trends and data.
Currently the average El Paso home value stands at $138,170. Compared to the past year, El Paso home values have risen by over 4.6% which is huge. Zillow is further predicting the house values will rise by around 4.2% within the coming year. All houses currently listed in El Paso have a median price of $187,950 with an average rent price of $1,175.
The data suggests that real estate in El Paso is quite a lucrative investment opportunity for most individuals. In 2018, Trulia’s hottest real estate to watch ranked El Paso Real estate at number 4. This was mainly due to El Paso’s low vacancy rate, sturdy job growth, affordability, and high young household population. The city equally has a stable economy due to the strong military presence and diversified business base.
El Paso Vs Dallas and Houston real estate markets
Dallas provides financing and business services for a large portion of the Texas economy while Houston is considered a magnet for immigrants due to its inexpensive housing. It would be a great idea to compare how houses in El Paso fair against the Houston and Dallas real estate markets.
- El Paso, Texas is 20.2% cheaper when compared to Houston, Texas.
- The average home cost in Houston is 43% more expensive than in El Paso.
- The cost of living difference in all the three areas is hugely caused by the median home cost
- Houston has 8% more household income than El Paso
Since 2011, most of the big cities in Texas have seen a huge boom in their real estate markets. Home prices have been rising substantially over the past decade and experts do project an even further rise in the years to come. El Paso has seen a gradual appreciation of home prices since 2011 which is a great consideration.
Remember that there was a massive price drop in real estate in the country back in 2008. While most houses in Texas were equally affected, what you probably didn’t know is that El Paso was largely impervious during this period and it didn’t experience massive price drops.
According to the World Report rankings and U.S. News in 2017, El Paso was named number 76 out of 100 best metro areas to live in. this entire study was based on the job market, quality of living, and people’s desire to live in that particular place. Forbes.com went further on to rank El Paso as the number one city to comfortably live in with less than $60,000.
When you look at it from an economical perspective, you will find that El Paso is the place to be. The cost of housing is below all other metropolitan areas, while the cost of living is significantly lower than the U.S. national average. People who live in El Paso spend slightly less on everyday expenses such as transportation and food than the average American.
El Paso Real Estate Projections 2020 and 2021
Within this year, the real estate markets in El Paso are forecast to rise by about 1.6 %. According to LittleBigHomes.com by the end of the 2021 home values will be significantly higher than they were by the end of 2018. However, note that these projections have a 73% accuracy which is not that bad. Bt the projections, real estate owners are expected to make a fortune on El Paso houses by the end of 2021.
Real estate market trends in El Paso
According to Redfin, a real estate company, El Paso doesn’t have a competitive housing market as you would expect. Homes for sale in El Paso receive an average of 2 offers and they usually sell in about 112 days. However, note that the average sell price for homes in El Paso, Texas went up 68.5% over the past months. The average sale price currently stands at $194,069. These numbers are good if you ask me right now.
Houses for sale in El Paso Texas
There are currently a lot of houses up for sale in El Paso ranging from around $1.1K to $13M. these houses are listed on several real estate websites and you can always look through them. Every week there are several new homes for sale in El Paso tx listings should you not find what you are looking for immediately.
Should you buy a house in El Paso, Texas?
The question of whether or not you should invest in El Paso’s real estate should be clear by now. There are lots of reasons why investing in El Paso real estate is a good idea right now. Below is a quick rundown of all the positives.
Average houses go for around $130,00 while upscale homes average at $300,000. Compared to other “hotter” markets, El Paso real estate is cheap and affordable. Why go for an expensive condo in Austin than costs a lot more than a mid-market home in El Paso?
2. Good returns
When you invest in El Paso real estate you stand to see great returns on your investment. Median rent stands at about $ 800 while some high-end areas fetch up to $1600 which is good money. Take advantage of this ROI and start looking for houses in El Paso to buy.
3. Job market
The unemployment rate in El Paso is about 4% which makes it a great place to live and work. In 2018, the unemployment rate went as low as 3.7 %. There is a huge job market diversification in El Paso which has led to better healthcare, and finance.
El Paso real estate market is a great investment opportunity for most people. Equally El Paso, Texas is considered one of the greatest places to live in. Take your time and research on the available properties before investing.