While the residential real estate market in El Paso continues to grow, with the average price now at the $256,000 mark, there are more homes on the market than just twelve months ago, according to a new report from the Greater El Paso Association of Realtors.
That report indicates that inventory in May was up by 17% from where it was in May of 2022, with more than 1,000 currently active listings, and houses remaining on the market for an average of 15 days.
While the $256,000 figure is low when compared with other Texas cities, such as Houston at $339,000 and Dallas at $412,000, it is still up by 7.5% over where things stood exactly a year ago.
Some of the price increase is due to the fact that El Paso remains a popular city, enjoying a nearly 5% growth rate in the last several years for a total historic high now of more than 680,000 residents.
But the price increase, according to the site Bankrate, is also attributable to simple market dynamics: home prices are up throughout the Southwest, and El Paso is no different.
But Bankrate notes a marked variation in asking prices depending upon the section of the city. In the more urban central El Paso, the median price tag as of last month stood at $180,000, and in the Lower Valley region the price stood at nearly $194,000.
In the growing Upper Valley, meanwhile, which has seen substantial new home construction in the last decade, the average asking price came in at just under $350,000.
By Garry Boulard
