Sales Market
Latest: April 2024
El Paso's housing market is stable with homes generally selling close to their asking prices, indicated by a 99.17% sale-to-list price ratio. The median days on the market for homes is around 54 days, reflecting a moderately active market​ (Redfin)​​ (Norada Real Estate Investments)​.
Pricing Trends:
The median listing price in El Paso as of early 2024 was about $291,000, with homes selling for a median price of approximately $246,700. This demonstrates El Paso's affordability in comparison to other U.S. regions​ (Realtor)​.
Sales Activity and Forecast:
There was a 10.6% increase in the median list price of homes since the previous year, suggesting a rising trend in property values. The market is expected to continue growing modestly, with a forecasted 0.6% increase in home values by March 2024​ (Norada Real Estate Investments)​.
Economic and Demographic Factors:
El Paso's diverse employment opportunities and relatively low cost of living contribute to its appeal as a stable market for both buying and investing​ (Norada Real Estate Investments)​.
Overall, the El Paso housing market in 2024 is balanced, with consistent demand and a steady rise in home values, making it an attractive location for real estate activities.
Rental Market
Latest: April 2024
El Paso's rental market in 2024 shows moderate prices with the average rent for apartments at approximately $1,550, reflecting a slight decrease from the previous month. This price adjustment indicates a dynamic rental market with minor fluctuations​ (Redfin)​.
Rental Prices:
Rental costs in El Paso vary across neighborhoods, with median rents ranging from about $697 in Sunset Heights to $1,772 in Westside El Paso. This variation highlights the diverse living options available across the city, catering to different budgetary needs​ (Redfin)​.
Economic Factors:
The overall affordability of El Paso compared to other large cities makes it an attractive option for renters. The slight decrease in rental prices may enhance its appeal further, particularly among budget-conscious residents​ (Redfin)​.
Overall, the El Paso rental market in 2024 offers affordable options relative to national averages, with varied pricing across neighborhoods that reflect the city's diverse housing stock and community attributes.
El Paso, TX, USA