Midland experiencing housing market shift
The signs of growth are apparent all throughout the Permian Basin. People are moving all over the Tall City which is causing a housing market shift.
Mackenzie Bailey moved to Midland last October and said she had problems finding the perfect house back then but she is now happy with the current market.
“The shift right now in the market is definitely benefiting the buyers because there are so many on the market and there are so many things to look at and you do have that time to think about it and talk to your family about it,” said Bailey
According to Midland real estate agent Jeaneen Pruitt there are currently 474 active house listings in Midland, alone. Which is the highest number the city has seen in 2 years.
Houses in the Tall City are taking longer to sell and even staying on the market longer which is taking the pressure off people looking for houses, Pruitt said.
“There was a lot of pressure when we would be looking at a house and like it but it was not my dream home but we need to jump on it because I know it is going to be off the market, tomorrow,” said Bailey.
And Pruitt said Midland real estate is all about supply and demand and right now, there is a lot of supply.
“The oil and gas industry is slowing a bit and people are moving so raised supply and lower demand there is that you know shift that we were talking about,” said Pruitt.
Now Pruitt said community member’s house hunting in Midland can expect more for sale signs to pop up and stay up for a longer periods of time.
Back at the end of 2018, houses were sitting on the market on average of 33 days.
Now houses can be expected to be listed for an average of 64 days. A change from even last week, which was 52 days.
“I pulled some stats and saw 55 days on our active listings and I thought there is that shift. I have seen the shift with our active inventory and talking with our sellers and reassuring them and coaching them,” said Pruitt.
Pruitt said Midland is great place to buy a home, but people can continue to see more shifts like this in the coming months.