The soaring prices of homes nationwide have brought good news to many homeowners. But here in Texoma, the housing market has had little to no change over the last few years.
"We're a market that's basically been flat. We're not a market that's seen a big appreciation in the last few years" said Ashton Gustafson Owner and Broker of the Bishop Realtor Group.
With the severe drought, many might be concerned about purchasing a home. However--- experts say Texomas should not be discouraged. With historically low rates, now is a great time to invest and buy a home in Texoma.
"There's a lot of movement within the community. Interest rates are still really low and very attractive. They're historically low interest rates, so that makes affordability better than it's ever been" said Gustafson.
Home buyers like Alexandra McClung took advantage if the current housing market and jumped on the opportunity to purchase a home, something she's dreamed of doing for a long time.
"With the market right now, it's definitely all about the buyers. We have the upper hand when it comes to negotiating the deals. I thought it was really reasonable for the square footage that we're getting, the location that we're getting and how close it is to our jobs" said McClung.
Experts say these great deals may not last long. So to better improve the Texoma housing market, new jobs should be brought into the community.
"There's no crystal ball to look into to say this is what's gonna make the real estate market thrive. But I think that overall it's pretty easy to say that the number one thing that leads to a great housing market is jobs" said Gustafson.
Here are some housing market statistics from the month of July in Wichita Falls:
Active homes stay on the market for an average of 100 days.
Homes that were sold spent an average of 80 days on the market.
The average home price in Wichita Falls is $130,000.
The medium home price is $115,000.
There are over 350 new listings of homes added to the market in July.
Over 150 homes have been sold in the month of July.