The Corpus Christi housing market in 2023 has been somewhat competitive, with home prices increasing and inventory levels decreasing. However, there are some signs that the market is beginning to cool, as evidenced by the number of days on the market increasing and the sale-to-list price ratio decreasing.
Experts predict that the Corpus Christi housing market will continue to moderate in 2024, with home price growth slowing and inventory levels increasing. This is due to a number of factors, including rising mortgage rates, inflation, and the potential for a recession.
Corpus Christi Housing Market Overview
According to data by Redfin, Corpus Christi is a city with a competitive housing market. The median sale price of a home in Corpus Christi was $252,000 last month, which reflects a 5.2% decrease compared to the previous year. The median sale price per square foot in Corpus Christi is $161, down 2.4% from the previous year.
If you're considering buying or selling a home in Corpus Christi, it's essential to understand the local market conditions. Corpus Christi's median sale price is 39% lower than the national average, making it an attractive option for prospective homebuyers. Additionally, the overall cost of living in Corpus Christi is 9% lower than the national average, which can significantly impact your financial considerations.
Competitiveness in the Corpus Christi Housing Market
The housing market in Corpus Christi is somewhat competitive. Homes tend to sell within an average of 37 days. The Redfin Compete Score™, which rates the competitiveness of an area on a scale of 0 to 100, is a valuable indicator for understanding the local market conditions. Over the last 3 months, some homes in Corpus Christi received multiple offers, and the average homes sold for about 3% below the list price, going pending in around 37 days. Hot homes in Corpus Christi can even sell for around the list price and go pending in as little as 16 days.
If you want to compare Corpus Christi's competitiveness with nearby cities, you'll find that it holds its own. Some of the nearby cities exhibit similar competitiveness, with homes selling for about 2% below list price in an average of 44 days. However, hot homes in these cities can go pending in around 18 days.
Corpus Christi Migration & Relocation Trends
Understanding migration and relocation trends is crucial for gauging the desirability of a housing market. In Corpus Christi, 0.19% of homebuyers searched to move into the city from outside metros. San Antonio homebuyers showed the most interest in relocating to Corpus Christi, followed by Austin and Dallas.
Notably, 57% of Corpus Christi homebuyers preferred to stay within the Corpus Christi metropolitan area. Virginia Beach emerged as the most popular destination among those leaving Corpus Christi, followed by El Paso and Jacksonville.
Corpus Christi Housing Market Report September 2023
Corpus Christi, known for its beautiful coastal location and vibrant community, has a housing market that reflects its unique charm. As of now, there are 2,101 homes for sale in Corpus Christi, with an additional 142 newly listed properties within the last week. This data indicates a dynamic real estate environment with new listings continually emerging.
For those looking to rent in Corpus Christi, there are 519 rental properties available on Realtor.com®, with monthly rates ranging. This diverse range of rental options caters to a wide spectrum of budgets and preferences, making the city accessible to a broad audience.
Property Highlights
Let's take a closer look at some of the newest listings in Corpus Christi:
- 2 bed, 1 bath, 840 square feet – This charming property at 530 Breckenridge Dr, Corpus Christi, TX, 78408 offers an excellent choice for those seeking a cozy, low-maintenance home.
- 3 bed, 3.5 bath, 2,726 square feet – If you require more space, 14833 Aquarius St, Corpus Christi, TX, 78418 boasts a spacious interior with room for your family to grow.
- 3 bed, 2 bath, 1,651 square feet – The property at 1549 Casa Grande Dr, Corpus Christi, TX, 78411 is an attractive option for those seeking a balance of comfort and affordability.
These listings are just a glimpse of the diverse properties available in Corpus Christi, catering to various needs and preferences.
The Corpus Christi housing market is poised for continued growth in 2023. With a strong economy, proximity to the Gulf of Mexico, and a thriving job market, the city is an attractive destination for both residents and investors. Factors contributing to this positive outlook include:
- Job Opportunities – Corpus Christi's economy is bolstered by industries like petrochemicals, tourism, and healthcare, offering a range of job opportunities.
- Coastal Appeal – The city's stunning coastal location attracts those looking for a relaxed coastal lifestyle.
- Investment Potential – The real estate market's stability and growth potential make it an attractive option for investors.
Corpus Christi Housing Market Forecast 2023-2024
As of the most recent data available by Zillow, the average Corpus Christi home value stands at $216,807. Over the past year, home values have seen a modest 0.3% increase. Additionally, homes in Corpus Christi tend to go pending in approximately 25 days, indicating a relatively active real estate market.
Key Takeaways for Corpus Christi
For a quick overview, here are the key takeaways for Corpus Christi's real estate market:
- The typical home value in Corpus Christi is $216,807.
- Over the past year, there has been a 0.3% increase in home values.
- The median sale-to-list ratio is 22.3%.
- Approximately 57.6% of sales are over the list price.
- About 25% of sales are under the list price.
- The median time for a property to go pending is 25 days.
The housing market forecast for the Corpus Christi, TX metropolitan statistical area (MSA), as provided by Zillow, indicates some changes in housing market performance. Let's examine the key metrics for this region:
- As of the base date on September 30, 2023, the market was relatively stable.
- By October 31, 2023, a minor decrease of -0.2% is projected.
- Moving forward, by December 31, 2023, a slightly larger decline of -0.6% is anticipated.
- Looking further into the future, by September 30, 2024, a more noticeable decrease of -1.3% is forecasted.
While these figures suggest a gradual decline in market performance, it's essential to remember that a forecast doesn't necessarily indicate a “crash.” Real estate markets can experience fluctuations, and multiple factors contribute to these changes. The projected declines may impact property values and market dynamics, but whether it's considered a “crash” depends on the severity of the decline and individual perspectives.
Investors and homeowners in the Corpus Christi MSA should monitor the market closely, consider their financial goals, and seek advice from local real estate experts to make informed decisions. The term “crash” typically implies a sudden and severe decline, and based on the provided data, the forecast indicates a more gradual change in market conditions.
Investing in the Corpus Christi Real Estate Market
Population Growth and Trends
- Corpus Christi has been experiencing steady population growth over the years.
- The city's strategic location along the Gulf Coast has attracted people seeking employment and a coastal lifestyle.
- The population growth trend is a positive sign for real estate investors, as it indicates a potential demand for housing.
- Strong population growth often leads to increased demand for both rental and purchase properties, making it an attractive market for investors.
Economy and Jobs
- Corpus Christi's economy is diverse and robust, with key sectors including oil and gas, manufacturing, and healthcare.
- The presence of major oil refineries and the Port of Corpus Christi contributes to a stable job market.
- Steady employment opportunities can translate into a consistent demand for rental properties.
- Investors can benefit from a resilient job market, which is essential for sustaining the real estate market's health.
Livability and Other Factors
- Corpus Christi offers a high quality of life, with beautiful coastal views, a warm climate, and numerous recreational opportunities.
- The city's amenities, including schools, healthcare, and entertainment options, make it an attractive place to live.
- Positive livability factors contribute to increased demand for housing, benefiting real estate investors.
- Investors can target neighborhoods with desirable livability features to maximize rental income and property appreciation.
Rental Property Market Size and Growth
- The Corpus Christi rental market is sizeable, catering to a diverse population, including students, families, and professionals.
- Rental property owners can benefit from a continuous stream of potential tenants.
- Additionally, the city's growth and economic stability suggest potential for future rental market expansion.
- Investors can tap into this growing market, providing a wide range of rental properties to meet various housing needs.
Other Factors Related to Real Estate Investing
- Corpus Christi's location near the coast can offer unique real estate opportunities, such as beachfront properties.
- Consider the property appreciation potential, as coastal properties often have a history of value increase.
- Tax incentives and local government policies can also impact your investment strategy.
- It's important to conduct thorough research and work with local experts to make informed investment decisions.
In conclusion, investing in the Corpus Christi real estate market presents several compelling reasons for investors. With its growing population, diverse economy, attractive livability factors, and a sizable rental market, Corpus Christi offers a range of opportunities for real estate investors. Additionally, the city's coastal location and potential for property appreciation make it an appealing choice for those seeking to diversify their real estate portfolio. However, it's crucial to conduct due diligence, consider local policies, and work with experienced professionals to maximize your investment potential in this market.
References
- https://www.zillow.com/corpuschristi-tx/home-values
- https://www.redfin.com/city/35781/TX/Corpus-Christi/housing-market
- https://www.realtor.com/realestateandhomes-search/Corpus-Christi_TX/overview
