An increasingly attractive real estate investment destination, Amarillo offers the quintessential representation of everything the Lone Star State is known for – equestrian trails, cowboys, cactuses, and oil, of course. Real estate investors have also been trickling into the Amarillo foreclosures market.
The city of Amarillo is often touted as the cultural and economic center of the Texas Panhandle. A thriving job market and growing population have been adding to its investment appeal as well. Investors looking for ways to have quicker, hassle-free transactions and transparent price estimates would find the Amarillo foreclosures market quite viable.
Find Amarillo Foreclosures on Auction.com
Amarillo is a buzzing hub for industries like advanced manufacturing, aerospace, energy, and healthcare. It’s home to the second largest canyon in the country called the Palo Duro and consists of several other attractions as well. The Starlight Ranch, for instance, frequently hosts epic acts by some of the best country artists in the business today; while letting you play a round of mini golf, indulge in the local delicacies, and try the thrilling Route 66 Zip Line.
According to ATTOM’s June 2024 data, Amarillo witnessed a 4.6% YoY appreciation in the median home sales price. Additionally, investors interested in foreclosure properties would be interested to know that there has been a 700% increase in completed foreclosures Year-over-Year (YoY) for this period. However, if you are looking for investment options that are more affordable than Amarillo, you can check out some of the following cities.
Nearby Investor-Friendly Cities within Texas
Borger
Borger is situated about 45 miles northeast of Amarillo and has historically had strong ties to the oil and gas industries. It is a short drive from the Lake Meredith National Recreation Area and offers plenty of other avenues for outdoorsy thrills. Zillow data through September 2024 showed that this city saw a 4.9% uptick in home values YoY, hinting at a seller’s market that is going strong.
Tulia
Tulia, the county seat of Swisher County, is less than an hour’s drive away from Amarillo and has been a hub of agribusiness activities for over a century. The nation’s largest single-phase solar energy project is in the works here and may begin operations in early 2025. The project is expected to reduce price volatility in power bills, which makes owning a home here slightly more affordable for your potential buyers. According to Realtor.com’s September 2024 data, homes have been spending fewer days on the market than a year earlier.
Shamrock
Shamrock city is situated in the eastern Texas Panhandle and while it is the second-largest city on the Texas stretch of Route 66, it has a very small population. Investors may be able to capitalize on buyers looking for large swaths of undeveloped land and a reprieve from cities overrun with people. The average number of days that homes in Shamrock spent on the market declined by around 6% between January and August this year.
Perryton
The suburban settlement of Perryton, nicknamed “Wheatheart of the Nation”, was built to bridge the communities of Ochiltree and Gray with the railroads. A recent infusion of federal funds is set to generate jobs and strengthen the regional economy through business empowerment. Zillow’s September 2024 data showed that Perryton witnessed a 3% uptick in the median list price of homes since January this year.
Childress
Childress has been growing into an investor-friendly city. The Department of Transportation recently improved over 530 lane miles of important arteries that have boosted connectivity within Childress and to surrounding areas. There are massive projects planned, some of which are already underway, for stretches along four national highways and four state highways further boosting traffic movement. The average number of days that homes in Childress spent on the market has dipped over the last year. All these factors bump up the investment potential of this city.
Nearby Investor-Friendly Cities in New Mexico
Clovis
Clovis, about 100 miles west of Amarillo, is known for its vibrant musical heritage and strong military presence in the form of the Cannon Air Force Base. The city hosts the annual Clovis Music Festival that attracts thousands of visitors from all over the country. Clovis’s real estate market has been performing well, with home prices up 5.9% YoY, reaching a median price of $500,000 in September 2024. There is a strong demand for housing, making Clovis a good investor-friendly market.
Tucumcari
Tucumcari is the county seat of Quay County and has one of the lowest costs of living in New Mexico which is 22% less than the national average. Based on Zillow’s September 2024 data, the average home in Tucumcari went through a 4.9% hike in value YoY.
Investing in Amarillo’s foreclosures, as well as homes in nearby cities like the industrial hub of Borger, or the charming small town of Shamrock, offers a variety of opportunities. Each city has its unique characteristics and market conditions, providing investors with diverse options to suit their investment strategies. As Amarillo continues to grow and diversify its economy, the surrounding cities are poised to benefit, making this region a promising area for real estate investment.
