REPORT: Tyler’s home market is booming

Despite the pandemic, home sales last summer were up about 15% from 2019 and 2018.

TYLER, Texas – A new report from Tyler University economists says despite the pandemic, Tyler saw the average home stay in the market less than 90 days last summer, making it a sellers’ market.

Latest from the Hibbs Institute of Business and Economic Research report, which came out on Friday, also said on the supply side, home construction is operating at an accelerated pace to fill the gap by supplying new homes soon.

Tyler Martin, a real estate agent at Keller Williams Realty, sees an interest in the listings as soon as they are posted.

“We see almost multiple offers on every house that comes in, which is, you know, quite different and unique to our market,” he explained. “It certainly wasn’t like that a year ago.”

Last summer, home sales also increased by about 15%. The report attributes the rise to mortgage rates, which have fluctuated around 3%.

The report states that the average home price in Tyler has increased 38% over the past 5 years to reach $ 243,250. The state also saw a 46% increase in the cost of housing.

Since 2016, the city has gone from a gap of 6% to 13% between median home prices.

Martin said he’s seeing demand for homes across the city, from new home buyers to those looking to retire.

“We’re around 880 announcements, so it’s still significantly lower than normal, but the trend, you know, is towards a more normal state,” he said.

Martin believes that as more homes are built and others display theirs, the market will shift some to become less competitive for buyers.

The Hibbs report also showed that the housing market in the town of Longview is doing quite well. The average home is now around $ 195,000 and as of last July, the city had a sales peak with 245 homes worth over $ 51 million.

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