The real estate market in El Paso, TX, has experienced significant growth over the last few years, becoming one of the most attractive cities in the US for those looking to buy a home. With higher demand and subsequent increases in prices, it can be hard to search for prime properties that meet each buyer's needs and budgets. Here's an overview of the key updates on what is happening in El Paso's housing market.
Quick Facts
- Population is at 840,477.
- The average annual salary is 45,003.
- Median home price: $291,000
- The average rent is between $809 and $1,170.
El Paso, TX, in a Nutshell
El Paso is a stand-out American city, boasting an impressive downtown district of contemporary skyscrapers and commercial centers. Despite its isolation from the major industrial hubs across America, El Pasoan's have still managed to carve out their own unique economic model powered by agriculture, ranching, mining oil - plus the maquiladoras with low-cost labor from Mexico! The area has also received substantial boosts over recent years due to Fort Bliss being in close proximity, both realigning more facilities as well as bringing military personnel into the local community.
Economy
El Paso, TX, provides a great opportunity for those seeking an affordable lifestyle. The city's cost of living is 11% below the national average, making it ideal for anyone looking to maximize their buying power without sacrificing quality and convenience. With the right career orientation and real estate market knowledge, people can enjoy this lucrative region with all its amenities!
El Paso is experiencing promising job growth due to an unemployment rate that, despite being slightly above the national average of 6.0% (7.4%), has grown by a remarkable 1.9% in recent months - creating new opportunities for employees and employers alike!
Employment
El Paso, TX, is becoming increasingly popular among job-seekers due to its competitive wages and cost of living. In fact, the average wage increased by 4.7 percent in Q3 2022! Health care remains one of the most attractive industries for local workers; Registered Nurses (RNs), Medical Assistants, and Certified Nurse Assistants (CNAs) can earn between $9.66 - $30.57 from major companies such as Tenet Healthcare Corporation, Conifer Health Solutions or HCA Inc.
El Paso, TX Real Estate Market
El Paso, TX, is a thriving city with plenty of housing options. The real estate market is active, with 1994 home listings and 150 new homes for sale. Homes have seen an increase in value over November 2022's median price of $291,000. Homeowners looking to sell can expect 27 days on average until a buyer is found, compared to 22 last year! A total of 418 homes were sold this November, which is lower than last year, which had 662 sales. Home prices are forecasted to experience steady growth of 14.3% by the end of 2023, with both median home sales and prices estimated to increase by 8.9% and 5.4%, respectively.
According to Redfin.com, Los Angeles homebuyers have been fleeing to the El Paso metropolitan area more than anywhere else, and many of them are staying there. In terms of destination searches from within El Paso itself, Albuquerque was at the top, followed by Dallas and Tucson - with 63% opting to stay in their hometown metro!
Final Thoughts
El Paso is a great city for homeowners and homebuyers alike. The real estate market is active, and homes are seeing an increase in value. Homeowners looking to sell can expect a quick turnaround, and prices will continue to rise in the coming months. If anyone is thinking about making a move to El Paso, now is a great time!
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