2016 sets real estate records thanks to millennials and retirees - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

2016 sets real estate records thanks to millennials and retirees

Source: KFDA Source: KFDA
Source: KFDA Source: KFDA
Source: KFDA Source: KFDA
Source: KFDA Source: KFDA
AMARILLO, TX (KFDA) -

Amarillo has joined the rest of Texas in setting real estate records in 2016.

The number of home sales and the average price of homes increased by more than two percent from 2015.

In total, 2,980 homes were sold in Amarillo, at an average sale price of $178,194.

While the rest of Texas doubled the growth of Amarillo, market research shows our area is less volatile, making buying and selling homes easier.

"We continually have an increase, not a boom or bust mentality, but we continue to go forward and set new records," said Real Estate Broker with Berkshire Hathaway, Greg Glenn. 

The reason for the gap in growth between Amarillo and the rest of Texas is the fluctuation of natural resources.

Many real estate sectors are dependent on the price of oil and the jobs that are created when prices rise.

Amarillo is less dependent on one industry, and recent growth can be attributed to two distinct demographics.

"We see a lot of activity in the under 35 market and in the 65 and up," said Glenn. "Not that it has stopped in the middle, but those tend to be the two fastest."

Real estate brokers said many millennials were hesitant to buy homes after seeing the affect of the housing bubble nearly a decade ago.

As these people continue to purchases more homes, experts predict Amarillo will undergo a significant amount of residential development.

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