Elgin, TX 78621 housing market

What this means

• Valuation. Prices are roughly in line with local incomes (−1% vs. this area's pre-2020 price-to-income norm).
• Prices. Home values are down 6.8% over the past year (U.S.: +1.2%), 26% below their 2022-23 peak.
• Supply. There are 178% more homes for sale than the 2017-19 norm and rising (+8% vs. a year ago), so buyers have more to choose from than before the pandemic.
• Negotiating. Buyer leverage is high (93/100; U.S.: 54): homes sell for about 1.6% below their final list price; 34% of listings had a price cut (U.S.: 26%).
• Affordability. A mortgage on the typical home takes 25% of the median household income (U.S.: 35%); it takes about $81k a year to keep the payment at 30% of gross pay. That includes about $1,928 a year for home insurance (U.S.: $1,790).
• Buy vs. rent. Buying costs about $264/mo more than renting a typical home (mortgage payment vs. typical rent).
• Disaster risk. FEMA expects about $100 a year in natural-disaster damage per $100k of building value (U.S.: $155), mostly from flooding.
• Outlook. No clear direction: likely −10% to +6% over the next 12 months (43% chance of a rise).

Next 12 months

No clear direction

A fall is somewhat more likely than a rise, but not by enough to call. Likely change: −10.2% to +6.1% (80% range; middle estimate −0.9%), chance of a rise 43%, of a 5%+ drop 25%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.

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