With recent relocation trends to Texas, the Panhandle, specifically Amarillo, is the place to be. Living here offers affordable living, low crime rates, and excellent educational opportunities. What sets Amarillo apart is its thriving economy, driven by a diverse range of industries, which presents many investments and homebuying opportunities.
Industries such as energy, bioscience and research, food processing and agriculture, advanced manufacturing, aviation and aerospace, logistics, and distribution allow residents endless opportunities.
Current Amarillo Market Trends
The current real estate market offers promising conditions for those considering a move to Amarillo. Compared to April 2023, home prices have decreased by 5%, with a median selling price of $237K. In April this year, 275 homes were sold, marking a 20.6% increase from the previous year. With 867 active listings, the market has expanded by 47.7%. The average time a property spends on the market is 80 days, with 32 days to close and 48 days on the market. These figures indicate a healthy 3.5 months of inventory, up from 2.2 months in April 2023.
Amarillo real estate investors are seeking potential rental investments in family-friendly neighborhoods. These neighborhoods have driving factors such as accessible recreational facilities and an excellent school district. As of 2024, communities such as Pleasant Valley, City View, and Sleepy Hollow are being highly sought out for their steady rental income and higher occupancy rates.
The top neighborhoods to look towards regarding current Amarillo real estate trends include The Greenways, Wolflin, and Plemons-Eakle. These neighborhoods offer diverse property types for investors, excellent rental yield potential, and family-friendly amenities. Furthermore, The Greenways offers exceptional outdoor community features such as basketball courts, pet-friendly walking paths, parks, splash pads, and convenient access to various amenities and services. Known as the Historic District, Wolflin offers 100-year-old estates and affordable newly constructed homes with easy access to a popular shopping center, The Shops at Wolflin Square.
Emerging Opportunities In Amarillo
When investing in Amarillo, real estate brings excellent long-term opportunities to investors over time, such as:
Steady Market Growth:
Amarillo’s real estate market has been on a steady growth trajectory, thanks to its stable economy and the influx of relocations. This promising trend paves the way for potential value appreciation and long-term investment returns. The city’s diverse industries further bolster this potential, ensuring a steady cash flow and return on investment in the real estate sector.
Low Cost of Living:
With the current economic climate in the United States, the first factor that comes to mind when shopping for real estate is how high the cost of living is compared to other markets. Compared to the United States’ average cost of living, Amarillo is below 15.2%, making the housing market extremely affordable. The average home price for Amarillo compared to surrounding popular U.S. markets such as Oklahoma City, Dallas, Fort Worth, Austin, Albuquerque, Denver, and Los Angeles is significantly lower. This affordability factor makes Amarillo an attractive option for first-time homeowners and those wanting to invest in the market to add to the rental properties market, providing a strong motivation to explore the opportunities in Amarillo’s real estate market.
High Demand for Rental Properties:
With the rise in popularity of vacation rental sites such as VRBO, HomeAway, and Airbnb, Amarillo has seen an increase in growth within the short-term rental market, leading investors to gain higher rentals. Amarillo’s commitment to education positively impacts the rental property market, with numerous higher education institutions such as Amarillo College, West Texas A&M University, and Texas Tech University Health Sciences Center.
Diverse Property Market:
The Amarillo property market is a treasure trove of diverse options, each waiting to be discovered. Amarillo Real Estate has everything, whether you’re in the market for a mid-century modern masterpiece or a traditional ranch-style home. Picture the towering trees and stunning architecture of the Wolfin district. Or consider Olsen, Belmar, and Puckett Place, where charming mid-century bungalows are perfect for first-time homebuyers. And don’t miss the affordable newly constructed homes in City View or the gated community offering plenty of weekend fun in Lake Tanglewood.
Amarillo Is Ready for You to Invest in Real Estate
As you look to put down roots in Texas, consider Amarillo’s diverse real estate investments and variety of housing opportunities for homebuyers, particularly first-time buyers and investors. The Amarillo Economic Development organization is here to guide you every step of the way and ensure that your roots run deep in this epic landscape. Contact us at Amarillo Economic Development Corporation today to discover our resources and offer guidance when joining us in Amarillo, Texas.
