El Paso TX Real Estate - El Paso TX Homes For Sale | Zillow (2024)

FAQs

Are home prices in El Paso dropping? ›

El Paso Housing Market Trends

In June 2024, El Paso home prices were down 1.2% compared to last year, selling for a median price of $250K. On average, homes in El Paso sell after 29 days on the market compared to 21 days last year. There were 592 homes sold in June this year, up from 578 last year.

The cost of living in El Paso is 11% lower than the national average, residents can enjoy a comfortable lifestyle while managing their expenses more efficiently. A notable factor contributing to this affordability is the housing market, where the cost of housing in El Paso is 30% less than the national average.

Castner Heights

This family-friendly neighborhood in El Paso offers families safe recreation, as well as convenient access. Not only does this area offer convenient access to US-54 for downtown commuters—Castner Heights is also close to Fort Bliss, making this a great El Paso neighborhood for military families!

El Paso's cost of living, as well as its housing prices, are below the national average. In 2022, El Paso's cost of living index was 15.8 percent lower than the U.S. average according to a study by salary.com.

Factors like not being able to get a job or not feeling comfortable in a community may push people out of it, she said. "El Paso has billed itself as a low-wage job place — call centers, service sectors, these are not high-tech jobs," she said. "We graduate a lot of engineers, a lot of people with high-tech degrees.

Sale-to-list price ratio: 97.42% El Paso, TX is a buyer's market in June 2024, which means that the supply of homes is greater than the demand for homes.

Around $75,000 a year is the salary needed in El Paso while in New York, San Jose and Irvine California the required salary for comfortable living is $138,000 a year. On average, an individual needs $96,500 for sustainable comfort in a major U.S. city.

Most El Paso homeowners will see a slight increase in their property tax bills this year, continuing a decade-long climb that has residents in the county digging deeper into their pockets to pay for government services and school repairs.

El Paso consistently ranks as one of the best retirement cities in the U.S., offering affordability, a warm climate, natural beauty, and a high quality of life. The city's low crime rate, tax advantages, and access to quality healthcare make it an attractive destination for retirees.

Sun Valley East. With a median home price of $259,109 and a median rent of $955, Sun Valley East is the most expensive neighborhood on our list. Based on the growth in home prices in Sun Valley East over the last 3 years, it ranks No. 1 among all the neighborhoods in El Paso.

What is the best district in El Paso? ›

The Ysleta Independent School District is the best school district in the El Paso area, according to the 2022 Best School Districts rankings released Tuesday by Niche, a leading platform connecting students and families with colleges and schools.

Housing is the most significant expense for most American households. The cost of living in a certain city takes into account both the price of rent and the price of a home. The average monthly rent in El Paso is $1,056, while home prices circle around $404,006.

Monthly electric bills are a product of how much electricity you use per month and your electric rate. In El Paso, TX, the average monthly electric bill for residential customers is $214/month, which is calculated by multiplying the average monthly consumption by the average electric rate: 1,534 kWh * 14 ¢/kWh.

In both cities, as is the case for much of Texas, home prices are likely dropping because the growth of inventory has outpaced demand. The Lone Star State has significantly increased its inventory compared to 2023 level: in June, there were 156,743 homes for sale in Texas, up 22.4 percent year-over-year.

Population grew by 48,842 over the last 5 years and is projected to grow by 71,943 over the next 5 years.

The favorable tax structure of Texas is a major factor that has been contributing to an increase in affordable housing. This can be attributed, mainly, to the fact that there are no state income taxes and comparatively lower property taxes, allowing residents extra money for either buying or investing in real estate.

The rise in rent is tied to many factors, Lynch of the El Paso Apartment Assocation said. Almost 96% of units are occupied, and inflation and supply chain issues are pushing up maintenance costs. And renters pay rising utility and property taxes, he said.