The story of this market
The typical home in ZIP 79776 sells for about $325,000, or $163 per square foot.
Prices are roughly flat from a year ago (+0.83%), a market in balance. Homes take about 64 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $1,450 a month.
ZIP 79776 — Penwell
The Odessa housing market is currently experiencing a period of stabilization, with median prices showing modest year-over-year growth. The market is balanced by steady demand from the energy sector, though inventory levels remain a factor in price movement. Overall, the market reflects the broader economic trends of the Permian Basin.
This area is well-suited for energy-sector workers, families seeking affordable housing, and investors looking for opportunities in a resource-driven economy. It offers a practical, cost-effective living environment for those integrated into the regional industrial base.
Median prices moved up 0.8% year over year.
Homes spend a median of 64 days on market with 1.3 months of supply — a fast-moving market.
17% of listings have cut prices · homes sell at 98.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 4.5% · poverty 14.2% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 7.6%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 7.2%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net influx — more people moved in than out
ZCTA 79776, Ector County TX
Crime rates in Odessa are generally higher than the national average, with property crime being the most frequently reported offense. Local law enforcement continues to focus on community policing initiatives to address these regional trends.
Public schools in the area are primarily served by the Ector County Independent School District, which faces ongoing challenges regarding student performance and resource allocation. The district is working on various improvement plans to enhance academic outcomes.
The area is primarily concerned with wind and hail damage due to its location in West Texas, with insurance premiums reflecting these environmental risks. Flood risk is generally low, though localized drainage issues can occur during heavy rainfall.
The local economy is heavily anchored by the oil and gas industry, which drives significant employment and infrastructure development. Recent momentum includes ongoing investments in energy-related services and supporting commercial infrastructure.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Texas) — Senior (65+) and Disabled Homestead Exemption and School Tax Ceiling: Grants an additional mandatory $10,000 exemption from ISD appraised value (Taxable Value_ISD = Appraised Value - $100,000 - $10,000) and establishes an absolute statutory tax freeze (school tax ceiling): total ISD property taxes cannot exceed the dollar ceiling established in the… State (Texas) — General Residence Homestead Exemption and 10% Valuation Growth Cap: Imposes mandatory state-level valuation deductions and growth limitations on the qualifying homestead: (1) Mandates a $100,000 deduction from appraised value for independent school district (ISD) maintenance and operations/debt taxation: Taxable Value_ISD = Appraised Value - $100… State (Texas) — Ad Valorem Real Property Taxation and Assessment Ratio: Mandates ad valorem appraisal of all real property at 100% of fair market value as of January 1 each tax year (Assessment Ratio = 1.00).
Residents primarily rely on personal vehicles for commuting, with major thoroughfares like I-20 providing access to employment hubs across the Permian Basin. Public transit options are limited, making car ownership essential for most workers.
The area features several local parks and community centers, with shopping and dining concentrated along major corridors like 42nd Street. Residents have access to regional recreational facilities, though major outdoor amenities are often located outside the immediate city limits.
The rental market is influenced by the cyclical nature of the energy industry, leading to fluctuations in vacancy rates and rent prices. Demand remains steady, supported by a workforce that often requires flexible housing options.
The economy is dominated by the oil and gas sector, with major employers including energy service companies and regional healthcare providers. Economic momentum is closely tied to global energy prices and regional production levels.
Transportation is centered on the I-20 corridor, which serves as the primary artery for regional commerce and commuting. Infrastructure projects are focused on maintaining and expanding road capacity to support industrial traffic.
Development is primarily focused on commercial and industrial expansion to support the energy sector, with residential growth occurring in peripheral subdivisions. Planning efforts prioritize infrastructure upgrades to handle increased industrial activity.
The Ector County Appraisal District manages property assessments, utilizing mass appraisal techniques to determine market values for tax purposes. The district provides a formal protest process for property owners to challenge their valuations.
Parcels are subject to various taxing jurisdictions, including the Ector County ISD, Odessa College District, and the Ector County Hospital District. These entities levy taxes to fund public education, higher learning, and healthcare services.
Property insurance in the region is characterized by higher premiums due to the prevalence of severe weather events, including wind and hail. Market health is stable, though insurers remain cautious regarding risk exposure in the Permian Basin.
Data retrieved from data.census.gov using ZCTA 79776 profiles.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
A central green space providing walking paths and recreational areas for residents.
The primary indoor shopping destination in the region, featuring various retail and dining options.
A landmark high school football stadium known for its significant capacity and regional importance.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.