Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Murphy | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $608,361 | $248,418 | $242,182 |
| Price Trend (Annual %) | 18.2% | 9.9% | 8.2% |
| Median Gross Rent | $2,696 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 6.2% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Murphy is about 145% higher than in Texas. Rent is about 102% higher than the Texas average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2021
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Murphy, up about 18.2% and 6.2% a year respectively. Home prices are changing faster.
Median rent in Murphy rose about 51.5% between 2015 and 2023, from $1,780 to $2,696. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 3.7 yearly household incomes in Murphy.
Buying the median-priced home in Murphy costs roughly 18.8 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Murphy. The price-to-rent ratio in Texas is about 15.5.
| Metric | Murphy | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $608,361 | $248,418 | $242,182 |
| Median Household Income | $163,385 | $76,510 | $78,145 |
| Price-to-Income Ratio | 3.7 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2021, the median home price in Murphy rose about 121.2%, while median household income rose about 56.4% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Murphy | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 89.1% | 56.5% | 58.2% |
| Rental Rate | 10.4% | 33.8% | 31.3% |
| Vacancy Rate | 0.5% | 9.6% | 10.6% |
| Median Tenure (years) | 16.0 | 14.0 | 15.0 |
| Median Year Moved In | 2010 | 2012 | 2011 |
Murphy has a homeownership rate of 89.1%, higher than the Texas average of 56.5%. Its housing vacancy rate is 0.5%, compared with 9.6% in Texas.
Housing Stock
| Metric | Murphy | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.55 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 2005 | 1989 | 1978 |
| Median Number of Rooms | 7.8 | 5.4 | 5.5 |
The typical housing unit in Murphy was built around 2005. On average, 3.5 people live in a home with about 7.8 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Murphy, Texas.
What is the median home price in Murphy, Texas?
The median home price in Murphy, Texas is $608,361, higher than the Texas average of $248,418.
What is the average home price in Murphy, Texas?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Murphy, Texas?
The median gross rent in Murphy, Texas is $2,696 per month, higher than the Texas average of $1,338.
What was the median gross rent in Murphy in 2020?
In 2020, the median gross rent in Murphy, Texas was $2,158 per month.
What is the price-to-rent ratio in Murphy, Texas?
The price-to-rent ratio in Murphy, Texas is about 18.8, meaning it would take roughly 18.8 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Murphy.
Are home prices or rent rising faster in Murphy, Texas?
Both home prices and rent are rising in Murphy, up about 18.2% and 6.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Murphy, Texas?
89.1% of households in Murphy, Texas own their home, higher than the Texas average of 56.5%.
What is the vacancy rate in Murphy, Texas?
The housing vacancy rate in Murphy, Texas is 0.5%, lower than the Texas average of 9.6%.