AMARILLO, Texas (KAMR/KCIT) — The median price of a home in Amarillo rose just over twelve percent to $215, 750, for a multitude of reasons.
“We’ve had historically low interest rates,” said Jason Ault, Chairman-Elect of the Amarillo Association of Realtors 2022. “The other thing is, we’ve had very high government stimulus in our economy that’s driving it, plus, we’ve had very few foreclosures over the last year and a half, and we have historically high demand for housing.”
According to the Amarillo Association of Realtors, the number of active listings in Amarillo dropped to just more than 370 in 2021.
“The lower number of active listing is our biggest problem right now,” said Jessica Martin, Realtor with Realty One Oculus. “Especially in the lower price range. It’s caused a hyper-competitive market, which is forcing buyers to buy new instead of used and buying new, that’s also forced the materials to go up.”
AAR says the Amarillo market is red hot right now. Houses are staying on the market just 64 days before closing, 20 days less than 2020.
“People are waiving inspections and paying over appraisal price,” Martin said. “Which makes it easier for the lenders to go ahead and start the process because they don’t have to order the inspection before they start.”
Ault says if you’re buying, it may look a little bleak, but he’s got some advice for you.
“If you’re buying, it’s not so good. You’re not gonna have all that much to choose from,” he said. But, just keep looking and use the resources of a real estate professional.”