Homes in Midland increased by an average of almost 26 percent compared to last year, according to the latest data collected by the Midland Central Appraisal District, a valuation spike that is almost double the increase in 2006.
MIDCAD records show the value of the average home in Midland increased from $96,310 in 2006 to $121,047 in 2007, an increase of 25.7 percent. Some neighborhoods experienced lower average increases, such as Grasslands Estates and Grandridge Heights, where valuations increased by about 16 percent. Other subdivisions increased at a higher rate than average, such as Crestview, Fair Oaks Estates, Permian Estates and College Heights where valuations increased by about 26.5 percent. Overall, the valuations of the roughly 34,000 homes in Midland contribute to a total assessed market value amount of $4.12 billion.
While the real estate market in Midland and throughout Texas is strong, in many parts of the country, home values have been depreciating significantly, in part due to a construction glut and changes in mortgage lending practices that have eliminated thousands of potential buyers from the marketplace.