Median price for home sold in November hits $325,000, according to A&M Real Estate Center
Stewart Doreen, MRT.com/Midland Reporter-Telegram
There hasn’t been a month in Midland County for median price for a home sold like November.
The Texas A&M Real Estate Center reported that the median price in November reached $325,000, which is a record for any month in Midland County and shows the strength of the Midland market, especially compared to other West Texas markets.
In Ector County (Odessa), the median price for a home sold was $228,935. Other median prices included $238,950 in Randall County (Amarillo/Canyon), $234,500 in Tom Green County (San Angelo), $233,500 in Lubbock County and $206,000 in Taylor County (Abilene).
When it comes to average price, it was another month for the record books. The average home sold in Midland County during the month of November fetched a price of $361,121 – the fourth highest price in a month. The A&M Real Estate Center also reported that November was the 39th straight month that the average price for a home sold topped $300,000 in Midland County.
The A&M Real Estate Center shows that price typically increases while total sales drop from October to November. That was again the case this year. The average price increased more than $25,000, and the median price jumped $20,000. At the same time, total sales dropped from 227 in October to 211 in November.
Other highlights from the November report included:
- There were 739 homes on the market at the end of the month;
- The average price increased by an average of more than $17,000 since November 2020. The median price for a home sold increased by $28,500 year over year;
- Sales increased from 174 in November 2020 to 211 this past month;
- Inventory fell from 3.1 months in October to 3.0 months in November;
- Months of inventory from around the region were 0.9 months in Randall County to 1.4 months in Taylor;
- Highlights in Ector County included the average home sold for $239,525 (more than $120,000 less than Midland County). The inventory at the end of November was 3.8 months.
Top months for median price
November 2021: $325,000
January 2021: $320,000
August 2019: $319,000
February 2021: $316,500
Top months for average
September 2021: $379,450
August 2021: $371,298
July 2019: $362,983
November: $361,121
Source: Texas A&M Real Estate Center
