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:
|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: $159,731||Current median home price: $287,148|
|Sale-to-list price ratio: 100%||Sale-to-list price ratio: 102%|
|Median household income: $48,823||Median household income: $65,712|
|Home price-to-income ratio: 3.27X||Home price-to-income ratio: 4.37X|