While Oklahoma City’s Devon and other top producers in the Permian Basin continued their race to produce more oil, it’s resulted in in a huge jump in housing around Midland, Texas.
A report by the Permian Basin Board of Realtors indicated the average price for a home in July had risen to $355,4569. That’s $5,000 more than the average price reported in June. It’s also $30,000 more than the average this year and $33,000 greater than July 2017.
Blame it on the need for housing as a result of the oil boom in West Texas. While prices are going up, sellers don’t have to wait long before their home or homes are snatched up quickly.
The Board of Realtors reported it takes 19 days on average for a home to sell, which is 13 fewer than the average for 2018. It’s also 17 fewer days than July of last year.
The fastest sales? They’re for homes in the $400,000 to half a million dollar range. Takes on average 13 days. It takes only 14 days for homes in the $250,000 to $300,000 range.
“We are still short on inventory on homes in the $200,000 to $300,000 price range but that range appears to be gaining some ground,” Nall wrote. “We remain optimistic that these trends will continue into the late fall. There are still a great number of people and companies moving into the area.
“Seems that the Permian Basin is the place to be these days. There are families here from all over the world making the market work day in and day out for our economy.”