Median house prices increase in Odessa, Midland

The Texas Realtor’s Texas Quarterly Housing Report, released on April 24, discovered shifts in market dynamics with increased supply and rising median house prices. Odessa and Midland were included in the report, accounting for the largest increase in prices.

According to the report, 19 metros in Texas experienced increases in median prices while six experienced declines. Odessa saw a 11.2% increase and Midland saw a 9.5% increase.

"Market conditions vary by location, and about forty percent of Texas metro areas actually saw an increase in sales compared to the first quarter last year," said Chairman of Texas Realtors Jef Conn in a press release announcing the report on April 24. "However, the number of homes listed went up nearly across the state. This will give many buyers more options than they had in the past several years."

According to the release, the statewide median price is $330,950, which is 1.6% higher than in 2023.

"Realtors are working with buyers and hearing from lots of others who are considering buying," Conn said. "While interest rates have remained stubborn, there are good opportunities for buyers. For sellers, prices have held up compared to a year ago, signaling good opportunities to sell."

According to its website, Texas Realtors was founded in 1920 to support realtors and private property rights in the state. With 135,000 members, Texas Realtors is the biggest professional membership association for agents in Texas.