January 3, 2017
Though Amarillo has many homes valued at $500,000 or higher, builders are starting to take note and build houses in a lower price range. According to City of Amarillo permits, new houses coming onto the market in 2016 averaged $18,057.62 less than those that delivered in 2015.
The lower-priced houses come at a time when demand is increasing. Nineteen homes in Amarillo and Canyon, TX sold at $500,000 or above, between June and November, 2016, according to the Multiple Listing Service (MLS) used by Realtors. In comparison, the MLS reported 1,242 houses sold for $230,000 or lower in the cities, during the same time period.
Amarillo is projected to sell out of currently available houses priced from $100,000 to $139,000 in less than two months. A housing market in equilibrium typically has four to six months of inventory.
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