El Paso, an emerging border city, is one of the best places to live in Texas, as well as in the entire nation. With desert, picturesque landscape, and a high lifestyle index, El Paso attracts young professionals and couples across the country to choose this area for living.
Living in a border city is associated with harmful stereotypes, but thankfully, it is not the case with El Paso. In fact, this city has been ranked as one of the safest cities in the entire United States. The growing real estate market and significant price surges of residential properties in El Paso also prove the same.
This post will shed light on El Paso's real estate market and reveal the key insights. Stay with us if you plan to make a real estate investment in El Paso.
Market Size and Home Values
A recent study on El Paso's real estate market shows that there are 1564 homes listed for sale. 261 homes among them have recently been added to the list. This city contains 177 neighborhoods that are suitable for all classes. You will get several housing options here, including:
- Condominium complexes
- Townhomes
- Multi-family properties
- 2-bedroom houses etc.
These residential properties are equipped with all the amenities required for comfortable living, and they are affordable when it comes to pricing. You can also buy luxurious villas in El Paso worth of million dollars. However, according to a report published in April 2022, the median house price in El Paso is $285,900.
The Best Neighborhoods in El Paso
Bear Ridge, High Ridge, Ranchos Del Sol, and Upper Mesa Hills are some of the best neighborhoods in and around El Paso. You can consider any of these localities for comfortable living. Due to the massive popularity of these locations, finding a property to buy or rent can be challenging. We recommend working with the best El Paso realtors to find the most excellent property for living in the posh areas mentioned above.
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Key Trends
The key trends of El Paso's real estate market are as follows:
- House prices in El Paso have appreciated by $2,192, lower than the national average price hike over the same period, i.e., $14,170.
- After researching seven years of data, we have found that property price appreciation in the El Paso housing market is higher than the national average over the same period. House purchased in El Paso has been appreciated by $22,445 in seven years, more than $8575 than the national average.
- El Paso is a seller's market. It means there are more buyers in this area than homes available.
- Houses in El Paso sell within 13 days from the first touchpoint, which is less than the national average of 17 days. It shows that the conversion rate in this city is better than the other areas in the United States.
We hope this post has helped you understand El Paso's real estate market. You can consider working with our real estate agents in El Paso to find the best property deals in this city. CASA BY OWNER is El Paso's local real estate agency committed to helping clients get the best property in this city or finding a good deal for their existing houses. Contact us now to learn more about our real estate services and value proposition.
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