The great state of Texas is already known for being one of the most affordable states to live in in the country. It’s no surprise that three of the ten least expensive cities to live in can be found in the Lonestar state and we love that people are moving here to take advantage of the low cost of living.
Located at the southern tip of Texas, McAllen is getting a lot of attention since its settlement in 1904. Though it was previously known for being rural and mainly agricultural, the economy is booming and the real estate market has a lot to do with it. Let’s take a look at how the first half of the year is doing in McAllen, Texas.
Due to McAllen’s close proximity to the border of Mexico, McAllen’s economy has seen a huge increase from international trade and many businesses are thriving. Another key factor in the success of McAllen’s economy is the area’s housing market and the high growth rate and low cost of living.
According to Sperling’s Best Places, compared to the rest of the country, McAllen’s cost of living is 17.10 percent lower than the U.S. average. The unemployment rate is 5.40 percent, also lower than the U.S. average of 6.30 percent. The recent job growth is positive and McAllen jobs have increased by 1.56 percent. The unemployment rate in McAllen continues to be one of the city’s most promising indicators.
As of 2014, the population of McAllen has seen a population growth of 21.82 percent since 2000, showing great promise for years to come by creating new jobs and in turn the need for more homes in the area. The area’s growing economy, low cost of living, and availability of local jobs makes the area attractive to college grads and young couples looking to start a family.
McAllen’s housing market shows the average home price of $449,320, which is a 260.1 percent markup from the actual average sale prices. Though considerably less, the average sold price in McAllen is $124,761. With these numbers, the McAllen area looks to be a soft buyer’s market, and homes with good values are still available since the number of homes listed for sale is still greater than the number of homes being currently sold. Housing experts have even claimed that McAllen may have appreciated as much as 0.6 percent in the last year, lower than the national average but is still an improvement overall.
Luckily for Texas, the entire state was able, for the most part, to avoid the huge foreclosure crisis during the last recession and today, the McAllen housing market has remained below the national average of foreclosed properties. This is great news for the McAllen area. Although foreclosures have actually increased in the past month, the major increase can be notable for bank-owned properties. In fact, bank-owned properties make up 52.9 percent of today’s distressed real estate market.
If you’re an investor, it’s a great time to search out these foreclosure properties. According to RealtyTrac, the average sales price for a distressed property in McAllen, TX is $104,266, and most of the distressed properties in McAllen actually have positive equity.
The McAllen area continues to look promising as the year continues and and each quarter the area seems to improve and becomes more attractive to potential buyers. We are looking forward to McAllen real estate’s bright future and hope that you’ll be a part of it. Make contact with us today.
McAllen Real Estate for Sale
If you are thinking of moving to the McAllen area, take into consideration all the different aspects of living in a new city-affordability, education, and climate. McAllen is known for its great education program and vibrant cultural scene, not to mention the abundance of restaurants and shops available. McAllen provides the perks of living in a large metropolitan area while keeping a small town feel.
It’s still a great time to buy in McAllen and hope appreciation is up 0.4 percent in the last twelve months. If you’re on the fence about buying a new home, now is the time to do it. With so many options available in this thriving market, don’t miss the opportunity to find your perfect dream home.
Let’s start exploring the McAllen area together by making contact with one of our experienced agents at Trendsetters Real Estate today. We can provide you with neighborhood information, a list of the local amenities and the properties within your desired schools.