TYLER, Texas — A new report by economists at the University of Tyler states despites the pandemic, Tyler saw the average home stay on the market less than 90 days last summer thus making it a sellers market.
The Hibbs Institute of Business and Economic Research latest report, which came out Friday, also said on the supply side, home building is working at an accelerated pace to fill the hole by providing new homes soon.
Tyler Martin, a real estate agent with Keller Williams Realty is seeing interest on listings as soon as they're posted.
"We're seeing almost multiple offers on every house that comes in, which is, you know, pretty different and unique to our market," he explained. "It was definitely not that way a year ago."
Last summer also saw home sales increase by about 15%. The report attributes the rise to mortgage rates, which have been fluctuating around 3%.
The report stated Tyler's average home price has increased over the last 5 years by 38% to $243,250. The state has also seen a rise in the costs of homes by 46%.
Since 2016, the city has gone from a 6% to 13% gap between the median prices for houses.
Martin said he's seeing a demand for homes across the city from new homes buyers to those looking to retire.
"We're around 880 some listings, so it's still significantly lower than normal, but it is trending, you know, into a more normal state," he said.
Martin feels that as more homes are built and others list theirs, the market will shift some to be less competitive for buyers.
The Hibbs report also showed the City of Longview housing market is doing fairly well. The average home is now about $195,000 and last July the city had a maximum of sales with 245 homes for more than $51 million.