There is good news for both buyers and sellers of residential real estate in Amarillo, Texas. Many buyers are coming to the marketplace, and there is an increase in the number of houses coming on the market.
$160,000 is the listed home cost median in Amarillo. When compared to the same quarter of the past year, home prices are up 3.2%. This is a comparison between the first quarter of this year (2018) to the first quarter of last year. House prices are increasing a little. The number of active listings has increased 2.5%. In the first quarter of this year, there were 953 houses listed.
For quite a few years there has been low inventory. It is a good thing that the number of homes coming into the market are increasing. We are moving a little in the direction of a balanced market. And there are companies moving to Amarillo. These companies have employees who are helping bring up the number of people buying homes in the city of Amarillo. The number of companies bringing employees who are relocating to Amarillo has been a fairly good number, and it appears that it is increasing a little this year when compared to the previous year.
The city of Amarillo has a household median income of $47,053.
It may be a good time for quite a few people to buy a home. This is because Amarillo has a lot of houses that are affordable, interest rates are increasing some, and prices are increasing. It looks like houses are still in a trend where they are not going to become more affordable for a while.
But, there are a good number of people who want to purchase a home and they cannot afford it. This is because they don’t have sufficient savings and/or don’t have sufficient income. This can be particularly frustrating for young couples who want to buy a home and start a family.
Rents have been increasing, and it could be difficult living in rental properies and starting a family. Being tied to a living situation in which substantial rent increases could be part of the picture, doesn’t help create a good economic future.