Big Spring, TX Housing Market Trends
With 22,373 people, 8,826 houses or apartments, and a median cost of homes of $143,060, house prices in Big Spring are some of the most affordable in Texas as well as the nation.
Single-family detached homes are the single most common housing type in Big Spring, accounting for 76.52% of the city's housing units. Other types of housing that are prevalent in Big Spring include large apartment complexes or high rise apartments ( 15.01%), duplexes, homes converted to apartments or other small apartment buildings ( 3.83%), and a few row houses and other attached homes ( 2.27%).
The most prevalent building size and type in Big Spring are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 53.88% owning and 46.12% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Big Spring's housing was primarily built during this period, from the '40s through the '60s. A full 56.58% of the city's housing hails from this era. Other housing ages represented in Big Spring include homes built between 1970-1999 ( 25.44%) and housing constructed between 2000 and later ( 10.85%). There's also some housing in Big Spring built before 1939 ( 7.12%).
Vacant housing appears to be an issue in Big Spring. Fully 14.25% of the housing stock is classified as vacant. Left unchecked, vacant Big Spring homes and apartments can be a drag on the real estate market, holding Big Spring real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Big Spring Home Appreciation Rates
Big Spring's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Big Spring during the period has been just 5.29%, which is lower than 80% of US communities.
Over the last year, Big Spring appreciation rates have trailed the rest of the nation. In the last twelve months, Big Spring's appreciation rate has been 4.16%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Big Spring were at 0.10%, which equates to an annual appreciation rate of 0.40%.
Notably, Big Spring's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Texas, our data show that Big Spring's latest annual appreciation rate is higher than 70% of the other cities and towns in Texas.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Big Spring differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Big Spring - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Big Spring real estate investment or home purchase decisions.
Median Home Value
$143,060
Very Low
for Texas
Very Low
for nation
Number of Homes And Apartments:
8,826
TX
America
2024 Q3 - 2024 Q4
2023 Q4 - 2024 Q4
2022 Q4 - 2024 Q4
2019 Q4 - 2024 Q4
2014 Q4 - 2024 Q4
2000 Q1 - 2024 Q4
Average Market Rent:
$1,577 / per month