Wichita Falls, TX Housing Market

Market Overview

Wichita Falls presents as a moderate housing market, with a PropertyIQ Score of 61 out of 100. The city’s median home value of $179,059 is roughly 40% below the state average of $299,367, creating a meaningfully lower purchase price point. The rent index of $1,334 is only slightly below the state benchmark of $1,403, while the unemployment rate of 3.9% is better than the state average of 4.5%. Median household income is $65,379, below the state figure of $78,476, which means the market pairs lower home prices with a smaller income base.

The top score drivers point to positive but cooling price momentum. Home value momentum over 12 months is 6.51%, while the 3-month rate is 0.77%. Median days on market is 50 days, and 23.4% of listings have had a price cut. These conditions suggest a balanced-to-moderate market rather than a strong seller’s market. With 510 homes for sale and population growth listed as N/A, the supply side is visible but the demand-side demographic trend is unclear.

Overall, Wichita Falls looks like a moderate market with affordability advantages against state benchmarks, steady labor conditions, and no clear indication of overheating.

Key Trends

First, home values are rising annually but slowing in the short term. The 12-month home value momentum of 6.51% is a solid annual increase, but the 3-month momentum of 0.77% indicates a decelerating pace. The dataset also lists a year-over-year home value change of $8, which appears inconsistent with a 6.51% 12-month momentum on a $179,059 median home value; the data does not clarify the discrepancy.

Second, affordability is a relative strength. The median home value of $179,059 is about $120,000 below the state average of $299,367, while median household income of $65,379 is about $13,000 below the state benchmark of $78,476. This means local home prices are lower relative to income than at the state level. The rent index of $1,334 is only $69 below the state average of $1,403, so renters do not see as large a discount as homebuyers do.

Third, the sales pace appears balanced. Median days on market is 50 days, and 23.4% of listings have experienced a price cut. No state benchmark is provided for these two metrics, but together with 510 homes for sale, they suggest buyers have some choice without signaling a severe oversupply.

Fourth, the local economy shows relative stability. The unemployment rate of 3.9% is below the state average of 4.5%, which may support housing demand even though median household income is lower than the state figure. Population growth is listed as N/A, so there is no data to confirm an expanding buyer pool.

Who Is This Market For

Wichita Falls is likely well suited to budget-conscious first-time buyers. The median home value of $179,059 is far below the state average of $299,367, and the rent index of $1,334 is close to the state average, which can make ownership more attractive relative to renting. However, median household income of $65,379 is below the state benchmark of $78,476, so local buyers may need to budget carefully.

The market may also appeal to cash-flow-focused investors. Rental income, as measured by the $1,334 rent index, is only $69 below the state average, while home values are roughly $120,000 below the state average. That combination can support investor interest, especially with an unemployment rate of 3.9% indicating a relatively steady local labor market.

Move-up buyers may find a mixed environment. There are 510 homes for sale and a 23.4% share of listings with price cuts, which can create negotiation opportunities. But the PropertyIQ Score of 61 and the slowing 3-month home value momentum of 0.77% suggest that rapid appreciation is not currently driving strong move-up equity growth.

Outlook

The near-term outlook for Wichita Falls is stable to moderately positive, based on the available data. Annual home value momentum of 6.51% shows that values have increased over the past year, but the 3-month rate of 0.77% and the 23.4% share of listings with price cuts point to a cooling pace. Median days on market of 50 days suggests a moderate selling timeline, and inventory of 510 homes for sale gives buyers options. The unemployment rate of 3.9% is a supportive factor, while median household income of $65,379 is a limiting one. Population growth is listed as N/A, so there is no demographic data to confirm strengthening demand. If current conditions continue, the market is more likely to see modest price growth and balanced negotiation than rapid gains or sharp declines.