Midland home sales on the rise thanks to steady oil prices
5 Jul 2017
MIDLAND, TX (KWES) - Home sales are on the rise in Midland and so far this year, there's been record numbers. Even homes over a million dollars are getting sold. It's something that's leaving the real estate market puzzled because oil isn't exactly booming.
"Oil and gas prices aren't having as much of an effect on our real estate market as compared to the past," said Bill Lanier, Real Estate Agent and Broker.
The real estate market is having a good year and they're giving a lot of credit to the stable oil prices.
"Midland's past real estate history is either extremely robust or extremely in the tank and it's been the good thing about shell," said Lanier. "It's made the real estate market constant, not the big swings that we used to see."
A $935,000 home was sold before it even hit the market. Lanier said the homeowners saw it in 2015 but didn't feel comfortable buying it. With the more stable market, once they heard it would become available they took the plunge.
"I believe our real estate market and general economy is still very dependent upon the oil and gas sector," said Lanier. "Pricing of oil and gas isn't that much of an impact as it used to be, from what I'm seeing."