Metropolitan Statistical Area (MSA):
Hereford, TX is a Metropolitan Statistical Area (MSA) comprising counties including Deaf Smith County.
The Hereford, TX metropolitan statistical area (MSA) is located in the Texas Panhandle. The MSA includes Deaf Smith, Oldham, and Parmer counties. According to the 2010 census, the population of the MSA was 106,602. The median home value in the MSA was $85,000 in 2016, and the median household income was $51,485.
There has been a lot of talk about a potential housing bubble in the United States, and it's hard to say if that is truly the case. However, what we can say is that there are certain markets where prices have increased significantly over a short period of time. The Hereford MSA is one of those markets.
In 2016, the median home value in the Hereford MSA was $85,000. Just two years later, in 2018, the median home value had increased to $115,000. That is a 36% increase in just two years! This kind of price growth is not sustainable long-term and it's likely that we will see prices level off or even decrease in the next few years.
If you're thinking about buying a home in Hereford or any other part of Texas Panhandle, now might be a good time to do so. Prices are still relatively low compared to other parts of the country and there is potential for future price appreciation as more people discover this hidden gem of an area.
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