As we step into the third quarter of 2024, the real estate market in Amarillo, TX, continues to show dynamic changes and opportunities. The local market shows distinctive trends compared to the broader statewide statistics. Here’s a comprehensive look at the latest trends and statistics to help you navigate the ever changing real estate market!
Key Observations:
- Median Price Trends:
- Amarillo’s median home sales price increase of 4.1% is significantly above the statewide increase of 0.6%. This indicates a steady rise in property values in the Amarillo area compared to the state average.
- Inventory Surge:
- Amarillo’s active listings have increased by 37.5%, which is slightly lower than the statewide increase of 40.8%. This surge in listings may reflect a broader trend of increased housing supply in the Amarillo area.
- Days on Market:
- Amarillo’s average days on market is 74, shorter than the statewide average of 88 days. This suggests that properties in Amarillo are selling faster than the state average, indicating a strong local demand.
- Sales Activity:
- Amarillo’s closed sales have seen a modest increase of 2.7%, contrasting with the statewide decline of 3%. This uptick in closed sales in Amarillo could signify robust local market activity.
- Inventory Levels:
- The months of inventory in Amarillo stand at 4.0, slightly below the state’s 4.6 months. This reflects a balanced market with ample supply, yet still favoring sellers slightly over buyers.
The Amarillo real estate market continues to demonstrate resilience and growth, with notable differences from statewide trends. The combination of increasing prices, growing inventory, and steady sales volume underscores a dynamic market. Whether you are buying or selling, now is an excellent time to engage with the Amarillo real estate market.
As always, whether you are searching for your own piece of ranch land or your first home, Triangle Realty has negotiated over $1 Billion in sales over the last decade. With that amount of experience, you can trust that there is nothing that could come up in the real estate transaction that we would not know how to handle. When planning to make your next move or investment, consider Triangle Realty to lend our negotiating power and expertise to create a stress-free real estate transaction for you and your family. Sit back, relax, and enjoy the experience, because this should be an exciting time for anyone when investing in real estate.