Odessa TX
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Odessa, TX Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Odessa Housing Market Information

With a population of 120,568, 40,319 total housing units (homes and apartments), and a median house value of $164,341, Odessa real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Odessa, accounting for 66.27% of the city's housing units. Other types of housing that are prevalent in Odessa include large apartment complexes or high rise apartments ( 23.58%), duplexes, homes converted to apartments or other small apartment buildings ( 3.68%), and a few mobile homes or trailers ( 3.58%).

The most prevalent building size and type in Odessa are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 59.82% owning and 40.18% 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. Odessa's housing was primarily built during this period, from the '40s through the '60s. A full 44.45% of the city's housing hails from this era. Other housing ages represented in Odessa include homes built between 1970-1999 ( 37.07%) and housing constructed between 2000 and later ( 17.21%). There's also some housing in Odessa built before 1939 ( 1.27%).

Odessa Home Appreciation Rates

In the last 10 years, Odessa has experienced some of the highest home appreciation rates of any community in the nation. Odessa real estate appreciated 70.17% over the last ten years, which is an average annual home appreciation rate of 5.46%, putting Odessa in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Odessa definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Odessa's appreciation rate, at 5.58%, has been at or slightly above the national average. In the latest quarter, Odessa's appreciation rate has been -0.84%, which annualizes to a rate of -3.32%.

Notably, Odessa's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Texas, our data show that Odessa's latest annual appreciation rate is higher than 60% 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 Odessa differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Odessa - 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 Odessa real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$164,341

Odessa, TX HOME PRICES

Value Range
> $1,240,000 0.4
$930,001 - $1,240,000 0.2
$620,001 - $930,000 1.5
$496,001 - $620,000 1.0
$372,001 - $496,000 3.7
$248,001 - $372,000 15.4
$124,001 - $248,000 45.7
$62,001 - $124,000 21.6
$0 - $62,000 10.6

Average for TX
Average for Nation

Value Relative to Nation Value Relative to State
54.1430656934307 41.0281280310378

Number Of Homes And Apartments:
40,319

Odessa Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TX*
Compared To
America*
Latest Quarter:
2019 Q4 - 2020 Q1
Last 12 Months:
2019 Q1 - 2020 Q1
Last 2 Years:
2018 Q1 - 2020 Q1
Last 5 Years:
2015 Q1 - 2020 Q1
Last 10 Years:
2010 Q1 - 2020 Q1
Since 2000:
2000 Q1 - 2020 Q1
226.74% 6.02%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,318 / per month

Homeownership Rate

Homeownership
Owners 59.82
Renters 40.18
Vacant 9.61

Housing Market Details

 

Age of Homes

AGE OF Odessa HOMES
2000 or Newer 17.2
1970 - 1999 37.1
1940 - 1969 44.5
1939 or Older 1.3

Types of Homes

TYPE OF Odessa HOMES
Single-Family 66.3
Townhomes 2.8
Small Apt. Buildings 3.7
Apt. Complexes 23.6
Mobile Homes 3.6
Other 0.1

Home Size

SIZE OF Odessa HOMES
No Bedroom 2.44
1 Bedroom 13.72
2 Bedrooms 24.29
3 Bedrooms 44.29
4 Bedrooms 13.63
5 or more bedrooms 1.63