Odessa Homes For Sale

In March 2024, the real estate market in Odessa experienced a decline, with home prices falling 3.6% from the previous year, reaching a median selling price of $612K. Homes also took longer to sell, staying on the market for an average of 73 days, up from 52 days the previous year. Additionally, the number of homes sold in March dropped to 6, a decrease from 12 homes sold during the same month last year.

This slowdown in the Odessa housing market could be indicative of a broader cooling trend, where buyers might be more cautious, or it could be a result of external economic factors impacting buyer affordability and confidence. The extended time on the market and reduced sales volume suggest that sellers might need to adjust their expectations and pricing strategies to better align with the current market conditions.

Odessa's real estate market is moderately competitive. Properties typically remain on the market for about 47 days before going under contract. While some listings receive multiple offers, the average home generally sells for approximately 4% under the listed price. Additionally, properties tend to go pending within the same 47-day timeframe. Homes that are particularly desirable, often referred to as "hot homes," may sell for around 1% below the listing price and can go pending much faster, typically within about 25 days. This suggests that well-positioned or more appealing properties can still command near-full price offers and quicker sales despite broader market conditions.

People are relocating to Odessa from various parts of the United States, with 2% of homebuyers looking to move into the area from outside metropolitan regions. Notably, Odessa attracts the most interest from homebuyers in New York, making it the top source of potential new residents. This is followed by individuals from Washington and Chicago, indicating a diverse influx of residents from major urban centers across the country. This trend highlights Odessa's appeal to those seeking a change from more densely populated cities, possibly due to factors like cost of living, lifestyle changes, or employment opportunities.