Odessa may not be considered a major player in the national real estate market, but it has some undeniable investment potential. Given the ongoing rate of population growth and infrastructure upgrades, a real estate investor can expect good returns from low-priced investment property here while providing a shot in the arm to the local neighborhoods.
If you are an investor based in a major metropolitan city such as San Francisco, New York, or Texas’ own Houston or Dallas, you may be in a market composed of extremely high-priced residential units. Cities like Odessa tend to offer more affordable investment options such as foreclosure properties in booming neighborhoods, along with comparatively less competition than the metros.
Find Foreclosures Properties in Odessa
Contrary to popular belief, this does not necessarily mean that you need to compromise on your expectation for sizeable appreciation and returns. Case in point Odessa, where homes appreciated by 12.8% Year-over-Year (YoY), according to Redfin’s August 2024 data. Also, the median days on market witnessed a 30% decline over the same period.
If you are someone looking to invest in a home in Odessa and capitalize on its fast-growing population to find your next buyer, you may find foreclosures and traditional homes in some of the following neighborhoods that have growth potential.
Top 7 Odessa Neighborhoods for Investors
Bellaire Heights
According to Homes.com, the typical home value in Bellaire Heights now averages $212,877, reflecting a 10% increase YoY. Odessa’s Bellaire Heights is undergoing a vibrant transformation with recent infrastructure developments that improve the neighborhood’s allure and accessibility. The neighborhood’s appeal is increased by its availability of schools, parks, and the Winwood Business Center.
Windsor Heights
One of the largest and oldest neighborhoods in Odessa, Windsor Heights, has homes with an average sale price of $241,919, spiking 13% compared to last year. Most homes tend to be built in the brick ranch architectural style and are surrounded by oak trees and various other smaller tree varieties as well. Homes have been selling after 33 days on the market in 2024, compared with 44 days last year.
Scottsdale
The average price for homes sold in Scottsdale is currently $271,000, marking an 18% rise from the previous year. The sense of community among residents has been strengthened by the recent construction of the Scottsdale Community Center, which has become a hub for social events and activities. Your potential buyers can also enjoy proximity to Sherwood Park, Music City Mall, and the Ratliff Ranch Golf Links.
Downtown Odessa
Homes in Downtown Odessa have gone through a dramatic spike of 249% increase YoY in the average sale price which is now at $231,666. Restaurants like Barrel and Derrick, notable festivals like the Firecracker Fandango and Tap Into Downtown Odessa, Ellen Noel Art Museum and the historic Globe Theatre, all add to the happening appeal of this neighborhood.
Briarwood
In Briarwood, the average home price has reached $191,833, representing a 27% YoY growth. Briarwood Park includes playgrounds, picnic areas, and walking trails that offer locals plenty of safe and enjoyable open space. The neighborhood has appealing accessibility to Odessa’s commercial centers through Interstate 20. Many homes are in the 1,100-1,200 square foot range and have historically sold for between $120 and $155 a square foot.
Dorothy Lea
The current average sale price for homes in this neighborhood, at the center of the oil-rich Permian Basin is $219,333, showing a 50% increase over the past year. Homes in Dorothy Lea sell after 38 days on the market, down from 44 days last year. The neighborhood is characterized by its peaceful residential quarters, with well-kept spacious yards and proximity to various amenities such as the Odessa Public Library, and several shopping centers.
Crescent Park
The neighborhood of Crescent Park sees an average home sale price of $220,401, which has risen by 13% YoY. You can find fairly large home sizes here, up to 2,500 square feet which on sit on close to a quarter of an acre. The market is great for investors as it sees activity from buyers purchasing older homes, renovating and reselling them. The area is known for its clean streets and well-maintained homes, which contribute to a sense of community and safety. Residents frequently engage in family-oriented activities, such as gardening, walking, and hosting barbecues.
If you are looking for investment opportunities in a rapidly growing market, Odessa, Texas, presents an excellent choice. With a variety of properties available at competitive prices, investors can capitalize on the city’s expanding economy and real estate market. Explore the potential of Odessa’s real estate market today and discover how you can find your next profitable investment with Auction.com foreclosure properties.
Links To Helpful tools:
- Remote Bid™: The future of Foreclosure auctions. Browse, bid, and win select Foreclosure properties from anywhere with ease. Qualify for Remote Bid™ or meet with a specialist today.
- Frequently Asked Questions: Find answers to frequently asked questions from Auction.com users.
- Foreclosure Home Properties Help Center: Navigate through a Foreclosure auction with confidence using our quick access guide. Learn terminology and catch up on state requirements. We have tailored sections for Foreclosure and REO properties.
- Real Estate Auction Calendar: Find real estate auction events in your area. Filter by state, asset type, and date to get a list of properties near you, or search Auction.com to start a list of properties with our useful filters.
- What is Auction.com? Find out what auction.com can do for you.
- Start your search! Visit the Auction.com search page to find all our foreclosure & bank-owned homes
The information in this blog post is being provided for informational purposes only and not for the purpose of providing legal or real estate investment advice, and no liability is assumed by Auction.com, LLC. with respect to such information.
