New Wichita Falls buyers getting squeezed out of housing market
In January 2015, the median price of a house in Wichita Falls was $81,500 and potential buyers had 797 to choose from.
Fast-forward just six years and the median price in May 2021 was $165,000 and potential buyers had just 194 homes to choose from. Median prices have more than doubled while the housing inventory has shrunk 75 percent.
Wichita Falls, like the rest of the Texas real estate market, is getting squeezed between rising prices and a low inventory in a home-buying frenzy.
“The extremely low level of supply available is holding back sales,” said Dr. Luis Torres, research economist for the Texas Real Estate Research Center at Texas A&M University. “The limited inventory for homes priced less than $300,000 is particularly distressing and is stressing home affordability.”
Among the most distressed are…