The town was named for the Spanish word for oval - after the oval-shaped valley which led to Buffalo Gap. The site became a stopover for trail drivers and before them - buffalo hunters.
The town got off to its modern start with the arrival of the The Abilene and Southern Railroad nearby in 1909.
The railroad owned 50% of the town through its townsite company. Lots were up for auction in 1909 and within a year the town was thriving with over 40 businesses. The one-room Bald Eagle School served area children until a new building was constructed in 1910. The school was renamed Ovalo School but during the late 1940s it and other area schools consolidated to become the South Taylor (County) school.
The 1920 population of 200 doubled by the start of the Great Depression. In the late 1980s the population was the same as the 1920 Census of 200 - but with many fewer businesses and buildings.
Any home sales data appearing on this page is obtained from public record sources (or estimates, for non-disclosure states) as provided by ATTOM Data Solutions and does not comprise an appraisal or a Comparative Market Analysis (CMA). This information should not be used to replace a professional appraisal nor to determine the price of a particular property.