Mission, TX 2016 Real Estate Trends
May 17th, 2016
Top Mission, TX 2016 Real Estate Trends
Considered an international gateway, Mission, Texas is home to of the fastest growing metropolitan service areas, McAllen-Edinburg-Mission, in the country. The population of Mission, Texas has steadily climbed since 2000 with seeing a 53.28 percent increase in population growth. And while the population of the total metropolitan area is nearing one million, Mission itself is around 77,000 which gives the city more of a smaller town feel than its larger counterparts. And during the winter months, the population surges by around 25,000 as “winter Texans” look for the ideal place to enjoy warmer weather.
The metropolitan area cost of living is 8.5 percent lower than the U.S. average and while real estate prices continue to appreciate at a small 0.4 percent, the median price range is $95,900 indicating that Mission, TX homes for sale remain an affordable option for those looking to move to the area. The average home listing price is around $210,000. It’s easy to see the appeal of investing in this McAllen area real estate with these contributing factors alone. New high-end master planned developments like Bentsen Palm continue to see steady sales growth.
The growth in this area has also been supported by the steady increase in jobs and low unemployment rates of 6.8 percent. The entire metropolitan area was ranked 28th in best places for job growth in 2015 by Forbes and the #1 city for jobs in 2016 according to a recent study by ManpowerGroup. While historically an agriculturally focused city, with its designation as a trade zone, job opportunities continue to expand in the area creating more demand for housing.
Though the year is starting slowly with a -3 percent drop week over week drop in listing price, early 2016 trends indicate that the Mission-McAllen area real estate market will continue to see growth, particularly as business and job growth continue to bring in home buyers looking for newer homes.