Real Estate Market Report - Odessa, TX (Jan, 2024)

In 2023, the median sale price for homes experienced some fluctuations with a peak of $445,258 in February and a low of $80,300 in March. However, the median sale price for homes stayed relatively consistent towards the end of the year with a median price of $294,440 in December. On the other hand, the median list price for homes showed more fluctuations throughout the year, with a peak of $250,000 in September and a low of $50,300 in August.

The median sale price per square foot data for the year 2023 shows a fluctuating trend, with the highest prices in May and the lowest in June. The overall trend seems to be gradually increasing, with a few dips in between.

The median sale price to list price ratio for January 2023 was 0.933, indicating that homes were selling for slightly less than their listed price. However, by August 2023, the ratio had dropped to 0.782, suggesting that homes were selling for significantly less than their listed price. Overall, the ratio appeared to be stable at or near 1.0 for most of the year, indicating that homes were generally selling for their listed price.

In 2023, the number of properties sold/listed consistently increased from 35 in January to 239 in August, before slightly decreasing to 151 in December. However, the number of properties listed/sold remained relatively low, with the highest in May at 5.

The median days on market for real estate properties fluctuate greatly throughout the year, with a low of 22 days in May and a high of 506 days in November. There were also two months with no median days on market reported.