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West Texas housing market bouncing back after COVID-19

People were furloughed or even lost their jobs, which caused many to move away or leave completely, changing the housing market.

MIDLAND, Texas — When Covid-19 hit, a lot of businesses in the Permian Basin were affected. 

People were furloughed or even lost their jobs, which caused many to move away or leave completely, changing the housing market.

"Throughout the years, were used to under 500 available homes throughout the months of the year," said Kerri Payne James, owner and broker of The Agency, Kerri Payne James Real Estate Team.  "During the COVID times we got up to 850 available homes at one time." 

Part of the increase in available homes during the pandemic had to do with a drop in oil business.

"Midland is a high relocation area," said Payne James. "We have relocation buyers coming in from all the oilfield companies. We have relocation sellers going out for oilfield companies, so during the COVID times all of that activity stopped." 

However, those 'houses sold' numbers are swinging back up.

"In January of 2022 selling 155 is really good and picked it up from where we came from and right now, we currently have 295 under contract which is really good." said Payne James

If you're looking to buy a house, prices are a lot different than they were ten years ago.

"I remember back in the day when Midland was in the most affordable places to live," said Payne James. "It was in the top 10, but it is not any longer. Our average price sold ten years ago in February 2012 was $229,000, and our average price home in 2021 in February was $364,000."

If you're looking to sell a house right now, it could be a good time to do so.

"We're also seeing decreased days on the market, and I'm also starting to see multiple offer situations and homes going over list price." said Payne James.

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