MIDLAND, Texas — Right now we are in Spring and Summer, which means the market is heating up for those looking to buy and sell their homes.
"This time of year it becomes the time," said Carroll Nall with the Permian Basin Board of Realtors. "It’s a moving time where we’re at the end of the school year people are transitioning from one location to another so we’ll have a little influx in here."
Prospective home buyers could be in for a little sticker shock this year. Median prices for a home in Midland County is $317,000 and that's up 10,000 from last year.
"This time last year the median price was about $307,000 this time last year,"Nall said. "So there’s definitely been an increase."
There's also fewer homes on the market to be sold.
"The big thing factoring right now is our supply and demand," Nall said. "Last year this time, we had about 600 houses on the market and now we have 400 houses. They were down almost 300 from the year before. In 2020 at this time, we had 700 houses on the market."
So what can that demand mean for people looking to sell their homes?
"What I tell buyers especially right now if you’re looking to buy a home in this market, because it’s a sellers market," said Jacobe Kendrick, Real Estate Agent with Bolt Real Estate Group. "You need to know exactly what you’re looking for, even if you’re selling a home you also want to have your duck in a row too."
With fewer homes on the market, it's harder to cater to the needs of potential buyers.
"When there’s not a lot of inventory on the market you have to get creative and what we’re really having to do is listen to our clients and what exactly do they want when they’re moving," Kendrick said.
This is another reason why Nall says now is a good time to be planning if you're looking to buy in a sellers market.
"I think it’s a real good time to be looking and busting with realtors and getting yourself prepared for it," Nall said. "It’s like buying a car these days, it is gonna be some sticker shock the good part is we do have houses out there available."
In Midland County, houses are usually staying on the market for about 40-60 days and that's the lowest they've seen since last year.