Midland Real Estate Trends
2021 Second Quarter Results
Real estate in Midland continues to be an extremely safe investment for what most people call their single largest asset. This year's average sales price of $355,828 is a 3.3% increase from 2020's $344,308. Demand during the second quarter of this year has been exceptionally high with 409 homes currently in a pending status. The previous record was in June of 2019 with 401 houses under contract. The inventory of homes available has remained between 650-750 units this year, which is a much healthier range than the Midland Market has seen in the past few years. As the data below illustrates, the Midland real estate market continues to show phenomenal growth and an amazing amount of stability.
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Interest rates have remained at historic lows and are still below 3% which has
fueled both our local real estate market as well as most of the nation.
The homes available for sale seems to have found a well-balanced range in the 650 to 750 unit range so far this year.
The number of homes in a sale pending status has remained in record territory and
well above the previous high of 401 in June 2019.
The 295 homes sold in June is well above the previous
record high of 262 in July 2020.
The average sales price increase above last year is
a sustainable, solid, and healthy 3.3%.
The average marketing time of 56 days is healthy and well within the norms
of the of a balanced real estate market.
The welcomed increase in inventory available for sale has been most predominate in
the $200,000 to $400,000. This is the range that has been hugely under supplied in the
past several years.
The number of homes sold is showing incredible stability in most all price ranges!
The months' supply of homes at 2.4 months is well below the 6.1 earlier this year
and shows a trend towards a seller's market.
2305 Texland Circle
4501 Green Tree Blvd
1306 W Illinois Ave.
5700 Ridgemont Pl.
4101 Baybrook Dr.
5313 Ridgefield Ct.
2503 Humble Ave.
111 North C Street
5101 King Richards Row
6200 Dunbarton Oaks
2818 Northtown Pl.
3312 W Shandon Ave.
3513 Baumann Ave.
913 and 915 San Jacinto
3406 Douglas Ave.
3618 W Michigan Ave.
1209 W Washington
3806 Pleasant Dr.