Property Values Coming Back Up In The Permian

One of the first things we discovered when we moved here during the early part of the pandemic in the summer of 2020 was how high the rental prices were (or so we THOUGHT before having conversations with people here about how expensive it is when the oil field is in full swing or a boom)... At an average of anywhere between $700 per month to $1,300 per month depending on location and size, apartment or house... But still expensive non-boom time... We were told it could go as high as double those figures during the boom..... which was crazy for us to hear. Stories of how hotel rooms were going for double, even triple the usual dollar amount...

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And price tags on a home were just as much in the same type of fluctuation. When we got here in July we were able to get a great deal on a home off Mockingbird and Big Spring in one of the DR Horton areas for around $275k--a far cry from what the house sold for originally in 2014 which was around $330k. So the values were headed down because the oil field was down with them. Things seem to be on an upswing because our latest home value has gone up to $318k. A nice increase of $43k over the past year. Still below what it was valued at prior though. We've done some things to improve the property as well. Extended the back patio 10 feet, installed an irrigation system in the back yard and added grass instead of rock in back. It's a much more pleasant experience sitting in the back yard now.

The good news for all of us is the economy coming back is finally starting to be felt in West Texas with jobs a plenty and oil companies actually hiring again and the workload and pace here picking up. Here's hoping it keeps up and our economy can fully recover amidst the rise of Covid numbers all around. Have your home values gone up? have you checked? Comment below and tell us!