Metropolitan Statistical Area (MSA):
Del Rio, TX is a Metropolitan Statistical Area (MSA) comprising counties including Val Verde County.
There are many factors influencing real estate trends in the housing market, and the Del Rio, TX metropolitan statistical area is no different. The most significant factor impacting real estate trends in the Del Rio MSA is population growth. According to the U.S. Census Bureau, the population of the Del Rio MSA grew by 2.8% from 2010 to 2018. This population growth has led to an increase in demand for housing, which has driven up prices and caused a shortage of available homes for sale.
Another factor impacting real estate trends in the Del Rio MSA is job growth. The unemployment rate in the Del Rio MSA was 4.4% in December 2019, down from 5.0% a year earlier and below the national average of 4.7%. Job growth has helped to support population growth and increased demand for housing.
Finally, another important factor influencing real estate trends in the Del Rio MSA is interest rates. Interest rates have been at historically low levels in recent years, making it cheaper to borrow money for a home purchase or refinance. Low interest rates have helped to drive up prices and support demand for housing across the country, including in the Del Rio MSA