Odessa, TX Real Estate Market

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 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Odessa, TX Housing Market Trends

With 123,334 people, 40,827 houses or apartments, and a median cost of homes of $171,511, house prices in Odessa are solidly below the national average.

Single-family detached homes are the single most common housing type in Odessa, accounting for 67.00% of the city's housing units. Other types of housing that are prevalent in Odessa include large apartment complexes or high rise apartments ( 23.16%), duplexes, homes converted to apartments or other small apartment buildings ( 3.70%), and a few mobile homes or trailers ( 3.26%).

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 58.89% owning and 41.11% 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 44.10% of the city's housing hails from this era. Other housing ages represented in Odessa include homes built between 1970-1999 ( 38.11%) and housing constructed between 2000 and later ( 16.54%). There's also some housing in Odessa built before 1939 ( 1.25%).

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 67.62% over the last ten years, which is an average annual home appreciation rate of 5.30%, putting Odessa in the top 20% 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.

Over the last year, Odessa appreciation rates have trailed the rest of the nation. In the last twelve months, Odessa's appreciation rate has been -0.33%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Odessa were at 0.11%, which equates to an annual appreciation rate of 0.44%.

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 lower than 90% 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:
$171,511

Odessa, TX HOME PRICES

> $1,208,000
0.4%
0.4%
$906,001 - $1,208,000
0.2%
0.2%
$604,001 - $906,000
1.8%
1.8%
$483,001 - $604,000
1.7%
1.7%
$362,001 - $483,000
4.3%
4.3%
$241,001 - $362,000
15.9%
15.9%
$121,001 - $241,000
43.9%
43.9%
$60,001 - $121,000
22.4%
22.4%
$0 - $60,000
9.6%
9.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Average for TX

Value Relative To Nation

Number Of Homes And Apartments:
40,827

Odessa Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TX*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
220.20% 5.63%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,374 / per month

Homeownership Rate

Owners
58.9%
58.9%
Renters
41.1%
41.1%
Vacant
10.0%
10.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
16.5%
16.5%
1970 - 1999
38.1%
38.1%
1940 - 1969
44.1%
44.1%
1939 or Older
1.2%
1.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
67.0%
67.0%
Townhomes
2.7%
2.7%
Small Apt. Buildings
3.7%
3.7%
Apt. Complexes
23.2%
23.2%
Mobile Homes
3.3%
3.3%
Other
0.2%
0.2%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.4%
2.4%
1 Bedroom
14.3%
14.3%
2 Bedrooms
24.1%
24.1%
3 Bedrooms
44.3%
44.3%
4 Bedrooms
13.3%
13.3%
5 or more bedrooms
1.6%
1.6%
0.0% 100.0%
% OF HOMES