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.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Reeves County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $72,241 | $248,418 | $242,182 |
| Price Trend (Annual %) | 15.3% | 9.9% | 8.2% |
| Median Gross Rent | $987 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 3.4% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Reeves County is about 71% lower than in Texas. Rent is about 26% lower than the Texas average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Reeves County, up about 15.3% and 3.4% a year respectively. Home prices are changing faster.
Median rent in Reeves County rose about 39.4% between 2015 and 2023, from $708 to $987. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 1.3 yearly household incomes in Reeves County.
Buying the median-priced home in Reeves County costs roughly 6.1 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Reeves County. The price-to-rent ratio in Texas is about 15.5.
| Metric | Reeves County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $72,241 | $248,418 | $242,182 |
| Median Household Income | $55,169 | $76,510 | $78,145 |
| Price-to-Income Ratio | 1.3 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Reeves County rose about 82.4%, while median household income rose about 61.3% 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 | Reeves County | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.0% | 56.5% | 58.2% |
| Rental Rate | 17.0% | 33.8% | 31.3% |
| Vacancy Rate | 19.0% | 9.6% | 10.6% |
| Median Tenure (years) | 18.0 | 14.0 | 15.0 |
| Median Year Moved In | 2008 | 2012 | 2011 |
Reeves County has a homeownership rate of 64.0%, higher than the Texas average of 56.5%. Its housing vacancy rate is 19.0%, compared with 9.6% in Texas.
Housing Stock
| Metric | Reeves County | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.92 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1977 | 1989 | 1978 |
| Median Number of Rooms | 5.8 | 5.4 | 5.5 |
The typical housing unit in Reeves County was built around 1977. On average, 2.9 people live in a home with about 5.8 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Reeves County, Texas.
What is the median home price in Reeves County, Texas?
The median home price in Reeves County, Texas is $72,241, lower than the Texas average of $248,418.
What is the average home price in Reeves County, 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 Reeves County, Texas?
The median gross rent in Reeves County, Texas is $987 per month, lower than the Texas average of $1,338.
What was the median gross rent in Reeves County in 2020?
In 2020, the median gross rent in Reeves County, Texas was $858 per month.
What is the price-to-rent ratio in Reeves County, Texas?
The price-to-rent ratio in Reeves County, Texas is about 6.1, meaning it would take roughly 6.1 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Reeves County.
Are home prices or rent rising faster in Reeves County, Texas?
Both home prices and rent are rising in Reeves County, up about 15.3% and 3.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Reeves County, Texas?
64.0% of households in Reeves County, Texas own their home, higher than the Texas average of 56.5%.
What is the vacancy rate in Reeves County, Texas?
The housing vacancy rate in Reeves County, Texas is 19.0%, higher than the Texas average of 9.6%.