March was a record-breaking month for the Midland County real estate market, according to the Texas A&M Real Estate Center.
The center reported that new high marks were set or tied for total dollar volume for homes sold and median price for a home sold. A&M also showed in its monthly report that records were just missed for homes sold in a month and average price of a home sold.
Dollar volume eclipsed $124 million for the first time since records have been kept. The $124.945 million beat the previous record of $122.501 million established in June 2021. The total in March was a 36.67 percent increase from March 2021.
The $325,000 for the median home sold tied the record from January and was a 10 percent increase from March 2021, when the median price for a home sold was $295,000. The A&M Real Estate Center also reported that March 2022 marked the 10th straight month that the median price for a home sold topped $300,000 (also a record for the Midland market, according to A&M).
Home sales may be the category most reflective of what the Midland real estate market is becoming. For the third straight month, a new mark for homes sold in particular month was established. In fact, the March 2022 total (335) was 27.8 percent higher than the 262 sold in March 2019, the previous high mark for a month of March in Midland County. The A&M center also reported that the number of homes sold in March was the second most since A&M started keeping records (the most coming in June 2021, 343) and only the second time the center reported more than 300 homes were sold in Midland County in any month.
Lastly, A&M showed the average home sold in March sold for an average of $372,972. That was the second highest mark, trailing only $379,671 in September 2021. It was also the 43rd straight month that the average price for a home sold topped $300,000 inside Midland County, a streak that goes back September 2018.
A&M Real Estate Center statistics show that the price of a home sold typically increases from February to March and that was again the case this year as the average price jumped 12.2 percent from February to March.
Realtors previously told the Reporter-Telegram that potential buyers are wanting to purchase because of the possibility that interest rates will continue to increase. They also said a lower inventory compared to 2020 and 2021 is a factor in price increase.
Midland Market report
March 2022
Homes sold: 335
Dollar volume: $124.945 million
Average price for a home sold: $372,972
Median price for a home sold: $325,000
Homes available at the end of the month: 519
Months of inventory: 2.0
March 2021
Homes sold: 261
Dollar volume: $91.415 million
Average price for a home sold: $350,252
Median price for a home sold: $318,000
Homes available at the end of the month: 701
Months of inventory: 3.4
Source: Texas A&M Real Estate Center