El Paso Texas Real Estate
El Paso, TX, is in a buyer's market, meaning the supply of homes is greater than the demand for homes. El Paso real estate sales for the 12 months to the third quarter of 2019 increased 4.5% compared to the same period last year and 5.7% year-over-year.
Much of West Texas has had boom and bust cycles in recent years, with oil, grain, and livestock prices rising and falling, but the region has been cut off. This has created a high demand for cheap real estate, as many new subdivisions provide the military personnel it can afford. El Paso is also home to the largest U.S. military base, Fort Bliss Air Force Base. The high number of active duty members and their families has certainly created a demand for rental housing in El Paso.
If housing supply matches housing demand and the entry price for homes remains affordable, real estate investors will not miss this opportunity. We'll take a look at some of the most affordable rental apartments in El Paso, Texas. Get a detailed look at each property, including property description, photos, demographics and statistics.
You can also use our map view to find the homes and apartments you want to find in El Paso, TX, nearby. You can check out our LittleBigHomes page every quarter and there are results you can check out for an overview of the area.
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The west side of El Paso offers many of the more exclusive neighborhoods in the city, but there are also many lower-priced apartments for sale in other parts of the city. Horizon City is the cheapest neighborhood in El Paso with a median list price of $129.9 million. While some neighborhoods on the East Side, such as the East Side and West Side, have more expensive housing stock, they also offer more affordable rental and sales.
Other types of apartments that predominate in El Paso are houses that have been converted into apartments or other small apartment buildings. These include single-family homes, duplexes, townhouses and other smaller conversions of apartment buildings. Other type of housing that predominates throughout the Rio Grande Valley, except for a single-family home. These include apartments that will be converted into apartments and other small apartment buildings, such as a two-story townhouse or a one-bedroom terraced house.
These are three- and four-bedroom apartments, mainly in single-family houses. These are mainly found in three- and four-room apartments, but also in duplexes, terraced houses and other smaller conversions of apartment buildings.
According to a real estate company called Neigborhoodscout.com, single-family homes are the second most popular type of home in El Paso, accounting for more than a third of the total number of homes in the city. They are also the third-most common type of home in Los Angeles County and the fourth-largest in San Francisco, accounting for about two-thirds of all homes in the city's residential neighborhoods.
The midmarket homes are certainly cheaper than the condos on the hot market in Austin, but they are also cheaper than single-family homes in El Paso, which are likely to have higher value.
Hot Homes in El Paso can stay pending for about 33 days and can be sold at half the list price. In other words, El Paso's homes will stay on the market longer than Austin's condos, but they will be more expensive than their Austin counterparts.
Accordingly, LittleBigHomes.com estimates that El Paso's house price growth has exceeded 73% over the past five years. Compared to Texas, the data show that the average price per square foot of housing has risen from $1,500 to $2,000, the second-highest price increase of any major metropolitan area in Texas. Although housing costs are higher than in other major metro areas, including Houston and Austin, they are below the national average.
The average price per square foot of living space in El Paso for a single-family home is $203, less than half the national average of $1,500 and $2,000, respectively. The average cost of a one, two or three-bedroom house in the city is 97%, and the average price per square foot of an average-sized house is 87% - both lower than the national average for the past five years.
In the last quarter, NeighborhoodScout data shows that the rate of home appreciation in El Paso is 0.73%, an average annual rate of $1.6 million over the past five years. Compared to Texas, the data show that there is no significant increase in average house prices per square foot of living space. The percentage of delinquent mortgages In El Paso, the rate was 1% in the first quarter of 2015, while the national average for this period of 2015 - the last available quarter - is 1.6%, up from 2% last year.