Odessa Real Estate Market Overview
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Location and Weather
Odessa lies on the southern high plains, southwest of Midland, in beautiful western Texas. When oil was discovered there in the 1920’s, the city expanded rapidly. With its flat geography, ranching is a significant part of its economy. Interestingly enough, it has one of the largest meteor craters in the U.S; the Odessa Meteor Crater, which is 9 miles to the south. Staying true to its rich Texas heritage, Odessa also hosts a yearly rodeo.
Summers in Odessa are long and warm, with high temperatures in the 90’s and lows in the 70’s. The cold season is short and mild, with temperatures ranging from as low as 35 degrees to as high as 65 degrees.
Population, Job Market and Cost of Living
Odessa’s population in 2018 was 120,568, with a growth rate of 3.12%. The job growth has increased by 4.49% over last year and in ten years, is predicted to be 32.59%. The largest employers are Educational services, Health care, Construction, Mining, Quarrying, and Oil & Gas Extraction. It has a moderate cost of living due to the Odessa real estate market, and its housing prices make it affordable to live there.
With its proud Texan culture, good job growth, moderate cost of living, and a prime environment for outdoor activities, Odessa will continue its steady growth while attracting more families.