CORPUS CHRISTI, Texas — The housing market is booming in Corpus Christi. Tuesday, the Board of Realtors gave City Council an update on real estate trends for our area.
In 2020, despite the pandemic, home sales totaled one billion dollars.
And its getting more expensive to purchase a home. The median price was under $200,000 back in 2019, now it's $234,000. Just last year that number was $217,000, that's a ten-percent increase already in the first five months of 2021.
The price to build a home also soared. Back in 2015, it cost about $245,000 to build a home, this year it will cost $325,000. Due to that increase, less than ten-percent of new homes are affordable to the city's median household income.
Following nationwide trends, our area remains a seller's market as there are more buyers than houses for sale.