Special Report

Odessa, Texas is Among the US Cities Where Home Values are Falling Fastest

In the early months of the COVID-19 pandemic, U.S. home sales slumped. Since then, however, the market has come roaring back — and rising demand, in conjunction with a relatively low supply of housing, has caused home values to surge.

Between January 2020 and January 2021, the typical single-family American home appreciated in value from $246,563 to $269,039, a 9.1% increase. Of course, housing markets also respond more to local forces, and not all parts of the country followed the national pattern.

In Odessa, a city of about 119,700 residents in Texas’s Ector County, home values have actually declined in recent months. The typical single family home in Odessa was worth $179,203 as of January 2021, 1.8% less than what it was worth one year ago.

One factor that can contribute to falling home prices at a local level is reduced demand. And lower demand for housing is often precipitated by population decline. However, according to the most recent available Census data, over the last one-year period, Odessa’s population increased by 0.9%.

Nationwide, the typical home value is about 4.3 times higher than the median household income of $62,843. In Odessa, housing is generally more affordable. The typical single-family home value is about 2.8 times higher than the local median household income of $63,847.

Here are the 36 communities with populations of at least 2,000 in Texas where home values fell the most in the last year.

This is How Much Home You Can Buy For 200K in Every State

Place: 1-yr. decrease in typical home value: Current typical home value: 1-yr. pop. change: Median household income:
Liberty City -13.8% $177,579 13.5% $79,559
White Oak -13.4% $170,073 -0.4% $64,118
Longview -12.8% $155,883 -0.7% $49,086
Kilgore -10.7% $142,313 -0.3% $56,715
Rio Bravo -8.4% $75,231 -1.7% $23,431
Premont -6.3% $87,424 -0.9% $47,879
Laredo -5.9% $162,457 0.6% $47,593
Gladewater -5.8% $95,928 -1.5% $31,265
Sienna Plantation -5.8% $223,955 14.7% $149,018
Junction -5.3% $96,806 2.9% $39,044
La Paloma -4.4% $69,122 16.0% $48,561
San Diego -3.1% $69,870 -2.2% $25,489
Midland -2.7% $260,079 2.5% $79,329
Cooper -2.6% $50,766 -1.5% $34,886
Borger -2.1% $65,895 -1.2% $46,183
Diboll -2.1% $92,351 -0.8% $39,750
Taft -2.0% $104,150 -2.2% $35,147
Odessa -1.8% $179,203 0.9% $63,847
Mathis -1.7% $74,349 -1.5% $31,818
Crystal City -1.5% $63,938 -1.0% $34,797
Plainview -1.3% $82,403 -1.1% $48,430
Carrizo Springs -1.2% $110,674 -2.1% $30,158
Sunray -1.2% $98,222 4.5% $46,891
Marshall -0.9% $101,469 -1.0% $41,250
West Orange -0.8% $78,361 -1.7% $47,692
Ballinger -0.8% $80,521 -0.3% $42,813
Robstown -0.6% $74,760 -0.8% $35,504
Breckenridge -0.6% $77,644 -0.4% $45,701
Vernon -0.6% $68,097 -1.6% $42,533
Anson -0.5% $92,919 3.1% $39,943
El Cenizo -0.5% $59,774 -0.8% $20,580
Santa Rosa -0.4% $85,193 -1.6% $26,947
Pampa -0.3% $67,187 -1.4% $46,432
Nash -0.3% $117,245 3.4% $36,382
Perryton -0.3% $115,205 0.4% $48,479
Las Lomas -0.2% $47,228 -4.3% $26,338