Midland, TX home prices and housing market

In Midland, nearly a third of all homes for sale have already cut their price. That tells you something important about where sellers are starting, and where they are ending up. Here is the picture. The typical Midland home is worth about three hundred forty-nine thousand dollars, up only about 1.5 percent over the past year. That is essentially flat. There are roughly 620 homes on the market, with about 240 new listings coming on, and homes are taking around 46 days to sell. None of that sounds dramatic on its own. But here is the catch. The median asking price is about three hundred eighty-nine thousand dollars, roughly forty thousand dollars above what a typical home is actually worth. When sellers aim high in a flat market, buyers wait, and that is exactly what the numbers show. About 30 percent of listings have taken a cut, which means a big share of sellers priced for a hotter market than the one we have. So if you are thinking about selling, the move is simple. Price at what your home is worth today, not what you wish it was worth, because the sellers who do are the ones avoiding that cut forty days from now. To see where your home stands in this market, get a free home value estimate at Home Value Pros dot com.