Corpus Christi Housing Market is a "Buyer's Market"
CORPUS CHRISTI -
Anyone wanting to buy a home in Corpus Christi should act now, local real estate investors say.
According to the Realtor's Association President/CEO, Richard Throop, the Corpus Christi housing market is a "Buyer's Market."
What may be surprising to most is that Hurricane Harvey had little to no affect on the housing market in Corpus Christi. Inventory is up just a little more than a couple of years ago. The average home prices in Corpus Christi have remained constant ranging between $180,000 and $190,000 with a current median price at $189,900.
The national housing market is seeing a different outlook. Across the country sales price of existing homes are up 5.5% from last year, but higher prices have led to lower inventory. About 50,000 fewer homes were sold in Octobers compared to a year ago. Sales of newly built homes rose which is attributed to a strong demand for starter homes.
Throop says Corpus Christi remains consistent in home prices and inventory. However, he does see a growth in rental properties that he attributes to job growth. Renters make up 46% of the housing market while homeowners make up 54%.
Reading on your phone? It's better with the app. Download the KRIS 6 News Mobile App for iOS/iPhone here and for Android here.