El Paso Ranks #2 In Real Estate Markets Set To Dominate In 2023
El Paso finds itself atop a national list -- and it's not for something bad.
Well, I guess it depends on which perspective you're looking at it from.
The website realtor.com just released its list titled: "The 10 Real Estate Markets That Will Dominate in 2023."
And how about this: El Paso is ranked No. 2 only behind Hartford, CT.
This is especially impressive considering most are predicting a bleak forecast for the housing market amid inflation and high mortgage rates. For perspective, a year ago you could've gotten a rate of about 3%. Now, that rate is more than 6%, more than double what it was. And that means a higher mortgage payment and much less buying power.
As the article states: "It's not that buyers don't want to close on a home; it's that they can't afford to do so anymore. Home sales are down, prices have fallen, and properties for sale are beginning to pile up."
That's not entirely the case in El Paso, which is why it ranks No. 2 on this list.
Realtor.com forecasts a price change in 2023 in El Paso of 5.4% and a sales change in 2023 of 8.9%.
Here is what the article writes up on the Sun City:
El Paso, which sits at the western tip of Texas on the border of Mexico, is home to the U.S. Army installment of Fort Bliss. The constant movement of service people, affiliated companies, and contractors has helped to keep the local housing market brisk.
That may help to explain why more than half of those looking at El Paso listings on Realtor.com came from outside of Texas. Two-thirds of shoppers were from outside the metro area. The most out-of-the-area views of listings came from Phoenix, Dallas, and Salt Lake City.
Nearly 40% of buyers in the metro purchased their homes using all cash. About a quarter, 24.2%, used U.S. Department of Veterans Affairs loans. The VA loans are attractive because borrowers don’t have to put any money down to buy and can often score lower mortgage interest rates as well.
Buyers looking for a deal can check out this four-bedroom, two-bathroom house with a carport near Fort Bliss for $141,588. Or they can look at this three-bedroom, two-bathroom house with a pergola out back for sale for $235,000.
And here is what the full list looks like:
- Hartford, CT
- El Paso, TX
- Louisville, KY
- Worcester, MA-CT
- Buffalo, NY
- Augusta-Richmond County, GA
- Grand Rapids-Wyoming, MI
- Columbia, SC
- Chattanooga, TN-GA
- Toledo, OH