Local News

Apr 9, 2014 2:21 PM by Sara Donchey

Growing Economy in Corpus Christi Means Spike in Home Prices

CORPUS CHRISTI -- Home prices are on the rise and demand for housing continues to grow in Corpus Christi.

Warren Andrich is the president of the Corpus Christi Association of Realtors.

"The realtors here are finding that it takes a little bit longer to get it done and to find the right house."

Andrich knows first-hand that demand is skyrocketing.

"Not enough homes are being built. "We would love to have new homes coming on the market, and the builders just can't build them quick enough."

Andrich says the inventory of housing in Corpus Christi is shrinking.

Since the market has seen a huge spike in buyers, there aren't enough homes to go around--which in turn, drives up cost.

In the last two years, the average sales price for a home in Corpus Christi has gone up more than $20 thousand dollars.

Even a realtor in Andrich's own office had a tough time finding a house.

"Even with her inside access it still took her about three and a half months for her to get through the process."

And with so many people trying to buy a home, things are looking good for anyone trying to sell.

"If you were even thinking about changing location, this would be a great time to do it," Andrich said.

Ronald Mower, the CEO of the Corpus Christi Regional Economic Development Corporation, says the boom in the housing market is thanks to an an uptick in the local economy.

"We've seen a lot of growth in the region, economically," Mower said. "It's being driven not only by expansions of our local companies, but also by companies moving into the region."

Companies are moving to Corpus Christi from all over the world, including a pipeline company from China, and a steel maker from Austria.

They all bring jobs; jobs bring people, and people need a place to live.

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