Despite COVID-19 pandemic El Paso real estate market booms
EL PASO, Texas (KFOX14/CBS4) — According to a new report from Construction Coverage, the value of new residential construction in the El Paso area totaled $746.1 million in 2020.
It's one indicator that single-family homes in El Paso are in high demand right now which can be both good and bad news.
For anyone looking to sell their home right now, the hot real estate market is a great thing. You'll likely see multiple offers and be able to sell your home quickly but if you're looking to buy a home, it can take many months.
“Who would have expected that in the year that we've had, that we'd be talking about a hot real estate market, but here we are, new home building is booming,” Ray Adauto, the Executive Vice President of the El Paso Association of Builders said.
Adauto said the market in El Paso is reacting similarly to trends seen across the country.
“The bad news is, is that the actual products that we use to build a home have skyrocketed in price,” he said. “They're either in short supply, no supply, uncertain supply, or rising costs that make the price of a new house really go into areas we haven't experienced in El Paso ever.”
Adauto said he believes one cause is the way the pandemic is shifting our ways of working.
“More remote opportunities mean transitions, and you can now live in El Paso and still work for a company out of New York rather comfortable,” he said.
It’s also shifting what priorities people have when looking for homes.
“To get away from living in a congested area, being able to come out and have your own backyard, your own front yard, your own bedrooms and bathrooms is really important,” Adauto said.
For the latest updates on COVID-19 in our area and around the world, head to our coronavirus section.
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