Metropolitan Statistical Area (MSA):
Big Spring, TX is a Metropolitan Statistical Area (MSA) comprising counties including Howard County.
There are many factors influencing real estate trends in the Big Spring, TX metropolitan statistical area (MSA). The following is a brief overview of some of the most important ones.
The population of the MSA is growing rapidly, which is increasing demand for housing. The median home price in the MSA has increased significantly in recent years, and is now well above the national average. This is partly due to the influx of people moving to the area from other parts of Texas and beyond, drawn by the region's strong economy.
The job market in the MSA is booming, thanks to a number of major employers such as Shell Oil and Goodyear Tire & Rubber Company. This is attracting more people to move to the area, further driving up demand for housing.
The supply of homes on the market has not been able to keep up with this increased demand, leading to bidding wars and rising prices. The average time it takes to sell a home in the MSA has decreased significantly as a result.
Investors are also playing a role in pushing up prices, as they seek out properties that will appreciate in value over time. With interest rates remaining low, this trend looks set to continue in the near future.