Tyler home sales and prices reach an all time high

TYLER — Median home prices in Tyler have reached nearly $263,000, up 13.9 % from 2020 and making the price of a local home hit a record-breaking high. According to our news partner KETK, Chairman John Wampler of the Greater Tyler Association of Realtors says we may never see property appreciation like this again. Wampler says, “I mean it’s a very crazy market out there right now. We have a record amount of sales, a record amount of price per square foot for each property. It’s just our inventory is the biggest issue. I think we are down active listings 43 percent from 2020.” This can be frustrating to both homeowners and buyers due to the lack of homes for sale.

“It’s just affordability. That’s one of the biggest things that we are fighting because as a realtor and as a professional, you are fighting for your client’s interests. When there is lower inventory and higher prices… higher demand. It can be a bloodbath out there,” said Wampler. If you’re looking for a new home, here’s the best advice real estate experts can offer you right now. “Get connected to a realtor, get pre-approved through a lender, and try to see if there are any financial hurdles you need to take care of before actively pursuing a home and get your down payment ready. Staying on top of this market is essential to be able to win over a property,” said Wampler. Real estate experts say rising mortgage rates will weaken the housing demand and will suppress the housing price pressures throughout 2022.