Real Estate Market in Corpus Christi, TX
The real estate market in Corpus Christi, TX may not become important to you until it’s time to buy or sell a home. When that time comes, you’ll want to understand the current market, as it will tell you what to expect. Whether it’s a buyer’s or a seller’s market, you’ll want to know some specifics about the real estate market if you plan to buy or sell a home in Corpus Christi.
When you have a good understanding of the market, you can make better decisions on offers if you’re selling and as a buyer, you can make a better offer on a home. Here are some of the specifics of the real estate market in Corpus Christi right now.
Hot Market
Currently, Corpus Christi, TX has one of the hottest real estate markets in the country. The market has seen resurgence similar to San Diego, Seattle, Las Vegas, and Austin. It’s an active market with high appreciation rates, making it a good choice for investors and other buyers and sellers right now.
The appreciation rates have topped 13% for three years in a row with the current median home price coming in at about $174,000. This is lower than the current national median home price of about $208,000. Right now, prices are lower than the national average and the appreciation rate is more than double the national average.
The Demographics
When you understand the demographics of a real estate market, it’s easier to market your property to the right people. It will also help you, as a buyer, understand your neighbors and what type of person the area tends to cater to.
Corpus Christi homes are 65% owner occupied and the city has a median age of 36. About 21% of those living in Corpus Christi are college educated and about 28% are single residents. The median household income is about $42,600. The unemployment rate for Corpus Christi is about 4.3%, which is lower than the national average.
About 96% of those commuting for work in Corpus Christi do so by car with only 2% taking public transportation. Car insurance is pretty reasonable in the area too. Commute times range from less than 5 minutes to about an hour depending on the neighborhood or area of the city. The city has seen a job growth rate of 3.3% over the past few years, as well.
Real Estate in Corpus Christi, TX
Currently, there are about 2,000 active listing for sale with an average list price of around $289K. The average list price per square foot is sitting at about $140. An average home listed for sale in Corpus Christi will have three bedrooms, about 2,045 square feet of living space and it was built in 1990.
The average home for sale will spend a little over 80 days on the market before selling. This is down from over 100 days in early 2017 and the median list price has steadily been climbing over the past few years.
The majority of the homes in Corpus Christi, nearly 40%, will have a value between $105,267 and $210,519. Another 32.5% will fall within a value of $52,707 and $105,266 with only 12.7% of the homes valued at less than $52,706. Another 10.6% of the homes will have a value of $210,520 to $315,669 and 6.4% of the homes will have a value of $315,670 and up. Very few homes in Corpus Christi are above a value of $1 million.
Currently, the real estate market in Corpus Christi favors the buyers. With lower than national average sales prices, plenty of inventory and a high appreciation rate now is the time to buy in Corpus Christi.
If you’re looking to sell, it could be a good time to sell as many people are looking to buy in Corpus Christi. However, the market does currently favor the buyers and for real estate investors, now is a great time to buy in Corpus Christi. There’s also a strong demand for starter homes with the sales of newly built homes rising over the past couple of years.
If you’re considering moving, here are some great reasons to move to there. Our insurance agents love living near the beach, in Southern Texas. Contact our office at (361) 400-2973 for more great reasons to move there. You can also stop by our office: Balsiger Insurance, 5402 Holly Rd #2104, Corpus Christi, TX 78411. Our home insurance agents would enjoy talking to you about Corpus Christi and why they love living there.