Appreciation rates for homes in Amarillo have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 29.97%, which ranks in the top 50% nationwide.
This equates to an annual average Amarillo house appreciation rate of 2.66%. NeighborhoodScout's data show that during the latest twelve months, Amarillo's appreciation rate, at 4.06%, has been at or slightly above the national average.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Amarillo differ in their investment potential, sometimes by a great deal.
NeighborhoodScout has calculated and provides home appreciation rates as a percentage change in the resale value of existing homes in that city, town or neighborhood over the latest quarter, the last year, 2-years, 5-years, 10-years, and even from 2000 to present. We also show how each city, town or neighborhood's appreciation rate compares to other cities, towns and neighborhoods in the nation, and within the same state (e.g., 9 relative to the nation, 5 relative to California ).
This makes comparisons of house appreciation rates equally easy for professional investors and individual homebuyers. Each quarter, Fannie Mae and Freddie Mac provide their most recent mortgage transactions to the FIFA.
The data are merged with neighborhood-specific median house values from the Census Bureau using NeighborhoodScout's proprietary algorithms developed by Dr. Schiller, creating an updated historical database that is then used to estimate the appreciation rates for each city, town and neighborhood within each time period. These resultant neighborhood appreciation rates are a broad measure of the movement of single-family house prices.
The appreciation rates serve as an accurate indicator of house price trends at the neighborhood level. Neighborhood appreciation rates from NeighborhoodScout are based on both median house value data reported by respondents via the U.S. Bureau of the Census, and a weighted repeat sales index, meaning that they measure average price changes in repeat sales or refinancing son the same properties.
Then proprietary algorithms developed by Dr. Schiller, NeighborhoodScout's founder, are applied to produce neighborhood appreciation rates. Appreciation rates are updated by NeighborhoodScout each quarter as additional mortgages are purchased or securitized by Fannie Mae and Freddie Mac.
The new mortgage acquisitions are used to identify repeat transactions for the most recent quarter, then are fed into NeighborhoodScout's search algorithms. Neighborhood appreciation rate data are based on transactions involving conforming, conventional mortgages.
Conforming refers to a mortgage that both meets the underwriting guidelines of Fannie Mae or Freddie Mac and that doesn't exceed the conforming loan limit, a figure linked to an index published by the Federal Housing Finance Board. Conventional means that the mortgages are neither insured nor guaranteed by the FHA, VA, or other federal government entity.
As such, NeighborhoodScout does not produce appreciation rates for neighborhoods that consist solely of renters or have no single-family homes (dwellings without an entrance directly to the outside). Distressed properties such as foreclosures and short sales remained the same as a percentage of the total market in October.
Trend MetricsMedian List PriceMedian $/SqftInventoryMedian Days On MovotoMedian SizeMedian $/Lot%DistressedNew ListingsSold / Expired Price Reductions The current median home price is $144,400, and the result of a 2.1 percent 1-year appreciation rate.
Not unlike the rest of Texas, the Amarillorealestate market has become the beneficiary of strong home sales. As recently as the second quarter of this year, home sales in Amarillo rose an encouraging 10.5 percent.
“The impact of lower oil prices continues to be delayed, leading to a surprisingly strong second quarter. Perhaps even more impressively, with as low as the unemployment rate in Amarillo is, it still managed to drop nearly a whole percentage point over the last 12 months.
For Amarillo to truly realize its full potential, employment growth needs to improve upon its current 0.5 percent. The national average, on the other hand, has seen a modest 3.1 percent increase in new housing permits over the same period.
Similar to that other Texas markets like Houston and even Dallas, Amarillo still has one very important factor working in its favor: affordability. Homeowners in the Amarillo housing market only spend about 7.4 percent of their income on monthly mortgage obligations, whereas the national average is nearly twice that.
Homes purchased in the Amarillo housing market one year ago have appreciated, on average, by $5,137. Homes purchased in the Amarillo housing market three years ago have appreciated, on average, by $24,222.
Homes purchased in the Amarillo housing market five years ago have appreciated, on average, by $36,347. Homes purchased in the Amarillo housing market seven years ago have appreciated, on average, by $34,077.
Homes purchased in the Amarillo housing market nine years ago have appreciated, on average, by $49,816. According to RealtyTrac, the Amarillorealestate market has about 205 homes in some state of foreclosure (default, auction or bank-owned).
RealtyTrac data suggests bank-owned foreclosures increased 1,300 percent in a matter of 12 months. Today’s foreclosure numbers will have a significant impact on Amarillorealestate investing, or even those looking for a house to live in.
Total number of foreclosures broken down by type of filing. LittleBigHomes.com publishes forecasts for the trend in home prices in 380 Metropolitan Statistical Areas.
The forecast for the trend in the Amarillo housing market for the 12 months ending with the 3rd Quarter of 2019 is UP. In other words, when tested against historical data, the forecasting methodology was correct 83% of the time.
Accordingly, LittleBigHomes.com estimates that the probability for rising house prices in Amarillo is 83% during this period. Check this page each quarter for updates to the AmarilloRealEstate Market Forecast.
The forecast for the trend in the Amarillo housing market for the 3 years ending with the 3rd Quarter of 2021 is UP. In other words, when tested against historical data, the forecasting methodology was correct 82% of the time.
Accordingly, LittleBigHomes.com estimates that the probability for rising house prices in Amarillo is 82% during this period. Check this page each quarter for updates to the AmarilloRealEstate Market Forecast.
Part 2: MARKET SUMMARY3rd Quarter, 2018 Housing Data: Amarillo, Texas Historical Home Price Appreciations Quarter 0.97%Last Year.
The change in home prices for Amarillo, TX are shown above for five time periods. So Amarillo, TX performed better in the Last Quarter than 34% of the 381 metropolitan areas covered in LittleBigHomes.com.
Part 3: MARKET HIGHLIGHTS3rd Quarter, 2018 Housing Statistics : Amarillo, Texas The all-time high in the Amarillo Home Price Index was 201.4 in the 3rd Quarter, of 2018.
The Home Price Index indicates that the Amarillo Market is up 24% over the last 10 years. Home prices in the AmarilloRealEstate Market have gained 3.75% over the last 12 months.
The Amarillo Home Price Index has increased for the last 16 consecutive quarters. The current record holders for consecutive increases in the Home Price Index are Phoenix, AZ; Houston, TX and Boise City, ID, with increases in the last 29 consecutive quarters.
The current record holders for consecutive declines in the Home Price Index are Winchester, VA; Trenton, NJ; Peoria, IL; Great Falls, MT and Fayetteville, NC, with declines in the last 2 consecutive quarters. The highest annual change in the value of houses in the AmarilloRealEstate Market was 17% in the twelve months ended with the 3rd Quarter of 1981.
The worst annual change in home values in the Amarillo Market was -9% in the twelve months ended with the 3rd Quarter of 1988. The highest growth in home values in the AmarilloRealEstate Market over a three-year period was 25% in the three years ended with the 2nd Quarter of 1995.
This page provides a long term graph of the Amarillo Home Price Index (above). For information about Texas home values, click RealEst ate Market Forecasts in the navigation bar at the top of this page.
You'll see long term charts and analysis that will provide tremendous insight into the historical trends of residential property values. Then LittleBigHomes.com's detailed research and statistics about Amarillo Home Prices will be at your fingertips when you need them.
All calculations are based on the quarterly value of the House Price Index for the Amarillo Market. The terms House Price Index and Home Price Index, as used in this site, refer to the Federal Housing Finance Agency (FIFA) House Price Index.
Significant time is required to research quarterly sales price and appraisal data from mortgage transactions in the AmarilloRealEstate Market and hundreds of other cities. As a result, Home Price data is not available for a number of months after the end of each quarter.
Part 4: APPRECIATION RATES & RANKINGS3rd Quarter, 2018 Housing Data: Amarillo, Texas The trend of Amarillo Home Prices relative to 380 other metropolitan areas is detailed below.
Each paragraph identifies the top and bottom performing markets as well as the average and median performance for all cities during each time period. The top performing real estate market during the 3rd Quarter was Sumter, SC, with a rise of 13.55%.
The worst market during that period was Cumberland, MD, with appreciation of -5.75%. The median for all cities during the 3rd Quarter was 1.57%. The top performing market during the last year was Las Vegas, NV, with an increase of 18.1%.
The worst real estate market during that period was Cumberland, MD, with appreciation of -5.6%. The median for all markets during this period was 6.14%. The top performing real estate market during the 5-year period was Reno, NV, with a growth in value of 81%.
The top performing market during the period was Denver, CO, with a rise of 83%. The worst real estate market during the 10-year time period was Vineland, NJ, with appreciation of -19%. The median for all markets during the last 10 years was 18%.
The top performing real estate market during the period was San Francisco, CA, with an increase of 289%. Historical research data on the Home Price Index for the AmarilloRealEstate Market is available back to the 2nd Quarter, of 1981.
All calculations are based on the quarterly value of the House Price Index for Amarillo. Real estate appreciation figures represent total net increase or decrease over each time period.
(Unless specifically stated, the figures do not represent annual or quarterly rates of change.) Data Source for Commentary & Charts: Federal Housing Finance AgencyUpdated Thursday, December 20, 2018. SignalTrend Inc. 2008 – 2018; All rights reserved.