El Paso’s housing market has been booming in recent years. If you’re considering moving to El Paso soon or already living there, you may wonder how the housing market will change next year and how that might affect your decision to buy a home.
In this blog, we’ll take a look at where the El Paso housing market stands today and the factors that will affect the housing market in 2023.
At Limelight Real Estate Firm, we take pride in helping you discover the perfect El Paso residential real estate. We can also help you or your business with everything from your first step in buying a home to expanding your operations. Call El Paso’s top real estate agency today to learn more. (915) 275-4220
What is the housing market like in El Paso today?
El Paso is a city with many first-time homebuyers, which is why it’s important to look at the housing market as it stands today in order to understand how it will change in the future. Currently, the median price for homes in El Paso is $200,000.
In 2023, this number is likely to increase. This is because of the influx of new residents that are moving into the area. We also noticed an uptick in homeowners looking to sell their residential homes. With these changes, they would advise first-time homeowners who are planning on buying a home in 2023 not to wait any longer.
How Hot is the El Paso Housing Market?
The residential real estate in El Paso is competitive, which means prices could increase over the next few years. However, it is unlikely that the El Paso housing market will heat up to the degree of other markets in Texas, like Dallas and Houston.
For example, El Paso home buyers must spend a greater percentage of their income on mortgage payments than do homebuyers in other areas. Someone who makes $100K a year can afford an average-priced house with only 25% of his or her annual salary going towards monthly mortgage payments. That same person would have to spend about 44% on monthly mortgage payments for an average-priced house in El Paso.
Incoming Trends
One main trend in El Paso’s residential real estate market that is going to be present in the next year is the number of people who are moving from states like California and New York, as these areas are becoming too expensive. This migration, however, will bring with it some changes to the housing market in El Paso.
While this migration will put a strain on the housing market because there will be more demand than supply, it will also make El Paso’s housing market a more diverse one, as this influx of people will bring with them their own traditions and cultures.
The end result should be an increased level of diversity for those who live in El Paso, which should have a positive effect on the quality of life.
5 Reasons Why First-time Homes Buyers Should Buy A Home In El Paso
El Paso has a reputation for being a starter market for first-time homeowners and a great place to buy a home. The homes are affordable, the communities are safe, and it is in close proximity to major cities like Albuquerque, NM. While some may be nervous about buying before 2023, El Paso homes and real estate agencies won’t be going anywhere. Here are five reasons why first-time homeowners should buy now:
- Affordability
- The El Paso housing market isn’t as competitive as other markets
- Safe neighborhoods
- Close proximity to major cities
- A community that is welcoming and friendly
Explore the possibilities of an El Paso Residential Home with Limelight
If you are a first-time homebuyer in El Paso and are still on the fence about whether or not you should wait for the housing market to change or buy now, we recommend buying sooner rather than later and contacting Limelight Real Estate Firm. El Paso will continue to grow, which means there will be more potential for buyers.
