THE AMARILLO MARKET
Amarillo is the county seat of Potter County and is the 14th biggest city in Texas with a population of 199,924. The metro population includes Armstrong, Carson, Potter, Randall and Oldham counties and totals 249,881 people.
The racial composition of Amarillo is:
Black or African American: 6.60%
Two or more races: 3.57%
Other race: 2.72%
Native American: 0.47%
Native Hawaiian or Pacific Islander: 0.08%
There are 75,048 total housing units (homes and apartments) with single-family detached homes the most common housing in Amarillo (71.3%) followed by high-rise apartments (16.59%), duplexes and small apartment buildings (16.59%) and mobile homes or trailers (3.83%).
Most of the single-family homes in Amarillo have three to four bedrooms and the majority of residents (61.22%) are buying their home compared to those who rent (38.78%).
Most homes in Amarillo (43.62%) were built during the 1940s through the 1960s; however, there are still homes to be found that were built before 1939 (6.61%). Residents continued to build homes after the 1960s with 34.56% of today’s homes being built in the 1970s, 80s and 90s. Home construction continues today with 15.21% of all Amarillo homes being built after 2000.
The appreciation rate is the rate at which a home’s value increases over time. How much the value appreciates changes each year based on the fair market value of comparable homes for sale in the same neighborhood.
Although Amarillo’s appreciation rates were above the national average for the past 10 years that trend faltered in 2019 when the rate dropped to 2.45% (an annual appreciation rate of 10.15%), which is lower than the current national average and lower than 80% of other cities and towns in Texas.
Keep in mind that average appreciation rates differ from neighborhood to neighborhood. (https://www.neighborhoodscout.com/tx/amarillo/real-estate)
The 2020 Texas A&M Real Estate Center Housing Report showed that sales volume for single-unit residential housing in Amarillo increased 22.16% year-over-year from 185 to 226 transactions while dollar volume rose $35.58 million to $49.2 million during the same period.
The average sale price for a home in Amarillo rose 13.2% year-over-year to $217,688. The average price per square foot rose from $98.46 to $104.17.
The median price for a home declined 1.18% year-over-year from $170,000 to $168,000 while the media price per square foot rose from $100.74 to $103.77.
Monthly inventory for single-family homes declined from 4.1 to 2.9 months supply.
Days to Sell rose from 95 to 102.
There were 810 total listings in Amarillo in January 2020, a decrease of 29.38% year-over-year. Of that number, 437 were new listings.
There were 30 single-family homes permitted in January 2020 and 30 in February 2020 year-to-date, a decrease of 9 homes from the same period in 2019.
UNEMPLOYMENT AND JOBS
According to the Bureau of Labor Statistics, the unemployment rate in Amarillo in December 2019 was 2.5%. During the same period, the unemployment rate for the State of Texas was 3.5%, the same as the national unemployment rate.
TOP 10 EMPLOYERS
Amarillo ISD | 4,391 employees
Tyson Foods, Inc. | 4,280 employees
CNS Pantex | 3,203 employees
BSA Health System | 3,200 employees
Northwest Texas Healthcare System | 1,860 employees
City of Amarillo | 1,748 employees
Canyon ISD | 1,679 employees
Affiliated Foods |1,400 employees
Walmart Supercenters (4 locations) | 1,359 employees
Texas Department of Criminal Justice-Clements Unit | 1,303 employees