MIDLAND, Texas — Connie Coots, the CEO of the Odessa Board of Realtors regularly goes through what the numbers are looking like in the local housing market.
If you're looking to sell, she said now is a great time because it's a seller's market.
"We still have quite a few homes on the market," said Coots. "We have about 2.1 months of inventory, which really means that that is a seller's market."
In Odessa, the median price of a home is $251,000, with the average days on market being 54 days.
Coots said high interest rates are stopping people from buying.
"The interest rates right now have doubled compared to two years ago," said Coots. "So, the interest rates, that’s kind of what’s holding people back right now. If you’re wanting to buy a home, it’s still a good time to buy. It’s what the mortgage brokers are telling us, is go head. Right now, you have a good choice of homes to buy, and just get ready to refinance in a couple years. So it’s really a good time still to buy."
As for renting in Odessa, it's happening at the same pace.
"I reached out to a couple of our rental property managers, and she’s telling me, the rental property managers, most of the homes are already rented right now, so it’s really tight right now," said Coots.
The trends in the market are about the same in Midland. Lance Welch, the president of the Permian Basin Board of Realtors, said the median price for a home is $342,000 and the average time on the market is 40 days.
Welch said around 81 properties are up for lease in Midland and Midland County.
More rentals are going on the market, and are also coming off quickly.