The real estate market has been on a bit of a rollercoaster in the last few years. A lot of different events have influenced these changes, but rising inflation and homebuilding costs are among the most impactful moving into 2022.
Property for sale in Harlingen has seen its own fair share of changes, but it also has managed to largely avoid the gridlock currently seen in the rest of the market. Keep reading to learn more about the recent changes in the real estate market and who you can call to help you find the perfect affordable home in Texas.
Farmland Prices
With inflation at a forty-year high, it’s no surprise that the price of farmland is on the rise, as well. In fact, the real estate market has seen some of the most significant rises. Moving into 2022, farmland is expected to continue to appreciate, making it a solid investment. It’s also important to note that Texas has some of the lowest prices on farmland in the country.
The price of farmland in Texas can vary widely depending on where you’re looking, but the average price of farmland in the state saw a 31% increase between 2019 and 2020, and the rate of growth has only gotten higher.
Construction Costs
Real estate prices are not the only area that has seen increased costs. Construction costs for building homes and multi-resident units have also seen a dramatic increase. Construction prices for lumber and other supplies have risen, in part due to a rise in demand as well as supply issues.
A 2×4 piece of lumber in 2019 would usually run you between two and three dollars. Now, that same piece of wood might cost five to six dollars. That’s a 50% jump in two years. As the increase in construction prices has risen, home prices have also gone up, squeezing some low-income and first-time buyers out of the market.
Housing Market Inventory
Housing inventory has also seen some major upheaval in the last few years. Along with the rising construction costs, COVID-19 also had a significant dampening effect on new construction. Construction crews experienced labor issues like the rest of the market, and many people also put off purchasing a new home until after the global health crisis passed.
Over the course of the pandemic, there was also a trend toward moving out of the city and into the country. Because home prices are cheaper in rural areas compared to cities, these transplants were also more likely to buy a home than rent, which also shrunk the housing supply.
Harlingen’s Market Trends
Harlingen has been impacted by real estate changes just like the rest of the United States. Each state, city, and county has seen its own unique set of effects, depending on available housing and changes in demand. In Harlingen, real estate is a booming market. Available housing for sale is on the rise, and so are prices.
- Available single-family homes in Harlingen have nearly doubled since the beginning of the year.
- The median list price per square foot in single-family homes in Harlingen has seen an increase of nearly 30%.
- The average list price of single-family homes has increased by roughly 13%.
- The number of days single-family homes in Harlingen stay on the market has also significantly decreased since January.
Despite the rising cost of Harlingen real estate, this area in Texas is still one of the most affordable places to buy land in the country.
View Farmland Listings With SRC Land
Real estate prices may be on the rise, but Harlingen remains a great place to find the perfect farmland to settle down or start an enterprise. You can start your legacy here in Texas and continue to see the benefits of being a landowner for the rest of your life.
The team at SRC Land can help you find your own slice of heaven in the beautiful countryside of Harlingen, Texas.
