CORPUS CHRISTI, Texas — The idea of buying a home has been a scary prospect for some over the past few years.
But even with the headaches and stress of home ownership, the spring season still promises to be a busy one for both buyers and sellers.
It wasn’t that long ago that the real-estate market was booming with success. We heard stories of bidding wars and buyers having to bring cash offers above the asking price for an existing home.
Some of that has slowed, but that doesn’t mean it has gotten any easier for those entering the market for the first time.
For residents looking to buy a pre-existing home, Corpus Christi Association of Realtors Elke Gonzalez said there are 927 active listings.
That’s about 370 more than were on the market in March of last year.
But don’t expect to find pre-pandemic prices.
A report from the Texas Real Estate Research Center at Texas A&M University said the median cost of a house in Corpus Christi is $60,000 higher than it was at this point in 2020.
That’s when COVID-19 began to rattle the market.
While a few places in Texas have seen home prices start to decrease Gonzalez said that has not been the case here.
“So, in March 2023, the median home price was $265,000. It looks like it has increased about 6 percent year-over-year," she said.
While prices are still affordable compared with the rest of the state, that’s about $15,000 higher than it was here at this time just one year ago.
Gonzalez said it signals that some people are still willing to pay above list price to get the home they want, and that’s keeping home prices up.
Right now, renters take up 43 percent of Corpus Christi real estate – a number that has climbed in recent years.
Some of those are people who have been waiting for home prices to come down.
Turns out, they may have to wait just a little longer.
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