Home prices in El Paso expected to rise by 15 percent over the next year, according to analysis

Local News

Rents for single-family homes increased 7.5 percent year-over-year across the U.S. in June (iStock)

EL PASO, Texas (KTSM) — Home is where the heart is, but buyers in El Paso are expected to dig deeper into their pockets to get there.

Home prices in El Paso are projected to increase by 15.7 percent, according to a new analysis by Porch

The real estate market in the U.S. is approaching unprecedented peaks in prices. Home prices across the country increased over the last 18 months to levels previously unreported since the buildup to the 2008 financial crisis.

As of April 2021, the year-over-year growth of the S&P Case-Shiller index — the metric used for measuring housing prices — surpassed 14.5 percent for the first time in its history. Additionally, data from Redfin reports that the percentage of homes selling above asking price increased by 13 percent compared to pre-pandemic levels. 

National projections suggest a continued upward trend in home prices over the next year, with some metropolitan areas expecting increases that are more than double the national average.

The researchers analyzed data from Zillow, Redfin and the U.S. Census Bureau to determine expected real estate growth over the next year.

The analysis found that the current median home price in El Paso is about $159,731, compared to the national average of $287,148.

Below is a summary of the data:

El PasoNational
Forecasted one-year change in home price: +15.7%Forecasted one-year change in home price: +14.9%
Previous one-year change in home price: +15.1%Previous one-year change in home price: +13.2%
Current median home price: $159,731Current median home price: $287,148
Sale-to-list price ratio: 100%Sale-to-list price ratio: 102%
Median household income: $48,823Median household income: $65,712
Home price-to-income ratio: 3.27XHome price-to-income ratio: 4.37X
Source: Zillow, Redfin, U.S. Census Bureau’s 2019 American Community Survey

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