MIDLAND – The local housing market closed out 2019 by setting records for homes sold, average sales price, and median sales price.
According to the Permian Basin Board of Realtors, 2,543 homes were sold during 2019, 45 more than the record set in 2018.
The median sales price increased 5.1 percent to $306,644. The average sales price was $346,999.
In 2019, an average of 414 homes were on the market at the end of any month. This is the most since 2016. There was 2.3 months of inventory in December. The Real Estate Center considers six to 6.5 months of inventory a balanced market.
A typical home stayed on the market for 33 days in 2019.
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