Investment propertyHot Market: Odessa, TX, Prepares for Surge With Job Growth
If you’re wondering why Texas is doing so well in job growth during these hard times, look no further than some of the country’s leading money magazines. Fortune Magazine reports Texas has the most Fortune 500 companies located in its borders, meanwhile Forbes reports nine of the nation’s top job growth markets are in Texas.
At the No. 1 spot is Odessa, Texas, a western Texas oil and manufacturing town. The strong economic picture in Odessa has kept home prices stronger than the national picture and the foreclosures nearly nonexistent according to Foreclosure.com.
Currently, in the Odessa-Midland area, there are more than 7,500 listings on the market, with only 16 designated as foreclosure homes, according the site.
Tax revenues in the city hit a record high earlier this year, a sign that locals are still spending and moving the economy humming along.
Meanwhile, while the real estate market is still in a buyers market with an increase of listings, the underpinnings of a strong economy will assure its strength in the coming months as the economic picture expands, according to local economic watchers.
Odessa Board of Realtors Executive Director Connie Coots points to an increase of new home sales and pricing overall. The average price of a home is about $6,000 more in June 2009 than it was a year ago. The current average price runs about $150,000.