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 | Terry County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $210,000 | $248,418 | $242,182 |
| Price Trend (Annual %) | 64.5% | 9.9% | 8.2% |
| Median Gross Rent | $813 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 2.5% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Terry County is about 15% lower than in Texas. Rent is about 39% lower than the Texas average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2022
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Terry County, up about 64.5% and 2.5% a year respectively. Home prices are changing faster.
Median rent in Terry County rose about 15.7% between 2015 and 2023, from $703 to $813. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 4.5 yearly household incomes in Terry County.
Buying the median-priced home in Terry County costs roughly 21.5 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Terry County. The price-to-rent ratio in Texas is about 15.5.
| Metric | Terry County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $210,000 | $248,418 | $242,182 |
| Median Household Income | $46,312 | $76,510 | $78,145 |
| Price-to-Income Ratio | 4.5 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2022, the median home price in Terry County rose about 630.5%, while median household income rose about 34.3% 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 | Terry County | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.7% | 56.5% | 58.2% |
| Rental Rate | 31.4% | 33.8% | 31.3% |
| Vacancy Rate | 10.9% | 9.6% | 10.6% |
| Median Tenure (years) | 14.0 | 14.0 | 15.0 |
| Median Year Moved In | 2012 | 2012 | 2011 |
Terry County has a homeownership rate of 57.7%, higher than the Texas average of 56.5%. Its housing vacancy rate is 10.9%, compared with 9.6% in Texas.
Housing Stock
| Metric | Terry County | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.56 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1969 | 1989 | 1978 |
| Median Number of Rooms | 5.6 | 5.4 | 5.5 |
The typical housing unit in Terry County was built around 1969. On average, 2.6 people live in a home with about 5.6 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Terry County, Texas.
What is the median home price in Terry County, Texas?
The median home price in Terry County, Texas is $210,000, lower than the Texas average of $248,418.
What is the average home price in Terry 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 Terry County, Texas?
The median gross rent in Terry County, Texas is $813 per month, lower than the Texas average of $1,338.
What was the median gross rent in Terry County in 2020?
In 2020, the median gross rent in Terry County, Texas was $697 per month.
What is the price-to-rent ratio in Terry County, Texas?
The price-to-rent ratio in Terry County, Texas is about 21.5, meaning it would take roughly 21.5 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Terry County.
Are home prices or rent rising faster in Terry County, Texas?
Both home prices and rent are rising in Terry County, up about 64.5% and 2.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Terry County, Texas?
57.7% of households in Terry County, Texas own their home, higher than the Texas average of 56.5%.
What is the vacancy rate in Terry County, Texas?
The housing vacancy rate in Terry County, Texas is 10.9%, higher than the Texas average of 9.6%.