East Texas housing prices still on the rise
NACOGDOCHES, Texas (KTRE) - Mechele Dietert has 25 years of experience as a realtor and says she has never seen a market quite like this. She says the growth in Texas’ major cities is having an impact on the homes being sold here in East Texas. This puts strain on a tough housing market for potential buyers.
“We have got a lot of people moving in from out of state,” said Dietert. “Then we are having a lot of retirees coming from the busier areas that are growing so fast, like Austin and Dallas, that are coming here to the Tyler area, Nacogdoches, Lufkin, trying to stay less hustle and bustle.”
According to Texas Realtors and the Texas A&M Real Estate Research Center, the statewide median price for a home in Texas in the first quarter of 2022 was $325,000. That number is up nearly 19 percent compared to the same quarter last year. Dietert says a lot of the current state of the market is attributable to the effects of the pandemic.
“Texas was behind the curve for a long time as far as pricing went,” said Dietert. “Having all of this go on during the pandemic, people kind of reevaluated their living situations because they were stuck at home and deciding they want to make changes. This has caused us into a different kind of market.”
In addition to reevaluation of living spaces, Dietert says other factors include low mortgage rates leading up to the pandemic and the threat of rising interest. The natural question then becomes ‘when will things improve?’ As pandemic restrictions lessen across the country, some assume that sooner or later the housing market will rebound. Dietert would disagree.
“I don’t see it changing. Everybody keeps saying when is it going back to normal. Hello, this is the new normal.”
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