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Corpus Christi Real Estate Market 2019 Statistics
If you are looking at buying a house in Corpus Christi as a potential investment opportunity, you must read till the end. Real estate prices in the Corpus Christi market are expected to rise by 1.8% in this year. Texas is home to several of the hottest real estate markets in the country. Houston and Dallas tend to top national lists. However, a number of other real estate markets present similar opportunities and may be a better choice for investors who don’t want to risk buying in an overheating market. Let’s take a look at the often overlooked town of Corpus Christi before discussing the points in favor of the Corpus Christi real estate market.
Corpus Christi, Texas, called Corpus for short, is home to over three hundred thousand people. The Corpus Christi housing market is somewhat larger than this; the metro area is home to more than half a million people. The Corpus Christi housing market has been the beneficiary of significant appreciation. Both homeowners and Corpus Christi real estate investors can take advantage of the current growth in the area. You will find very good neighborhoods in Corpus Christi for investing in real estate for both short-term rentals and long-term rentals. Let’s take a close look at the Corpus Christi housing market trends and forecasts for 2019 & 2020 and find out why you should invest in this hottest market in the state of Texas.
Corpus Christi Real Estate Market Forecast 2019, 2020 & 2021
The median home value in Corpus Christi is $150,200 on Zillow. Corpus Christi home values have gone up 4.4% over the past year and Zillow’s Corpus Christi real estate market prediction is that the prices will rise 1.8% in 2020. The median list price per square foot in Corpus Christi is $121, which is lower than the Corpus Christi Metro average of $129. The median price of homes currently listed in Corpus Christi is $210,000. The median rent price in Corpus Christi is $1,550, which is the same as the Corpus Christi Metro median of $1,550.
According to LittleBigHomes.com, the Corpus Christi real estate market forecast for the 12 months ending with the 3rd Quarter of 2019 is positive. Their accuracy of the Corpus Christi real estate market trend prediction is 73%. Accordingly, they estimate that the probability for rising home prices in Corpus Christi is 73% during this period. If this Housing Market Forecast is correct, home prices will be higher in the 3rd Quarter of 2019 than they were in the 3rd Quarter of 2018.
Corpus Christi Housing Market Forecast 2019 – 2021
The Corpus Christi housing market forecast for the 3 years ending with the 3rd Quarter of 2021 is also positive. The accuracy of the Corpus Christi housing market trend prediction is 74%. Accordingly, LittleBigHomes.com estimates that the probability for rising home prices in Corpus Christi is 74% during this period. If this Housing Market Forecast is correct, home values will be higher in the 3rd Quarter of 2021 than they were in the 3rd Quarter of 2018.
Check this page each quarter for updates to the Corpus Christi Real Estate Market Forecast.
Corpus Christi Real Estate Market Trends
Corpus Christi real estate market trends show a 0% week-over-week rise in average listing price and a 0% rise in median rent per month. Trulia has 1,277 resale and new homes for sale in Corpus Christi, TX, including open houses, and homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
Corpus Christi Housing Market Statistics
- Average Listing Price: $230,060 (On Trulia)
- Median Rent Per Month: $1,500
- Median Household Income: $42,606
- Home Owners: 62%
- Single Residents: 28%
- Median Age: 36
- College Educated: 21%
- Transportation: 95% people commute by car; public transportation is available
There are 2,343 homes for sale in Corpus Christi, ranging from $9.9K to $5.5M on Realtor.com. 185 of which were newly listed within the last week. Additionally, there are 381 Corpus Christi rental homes, with a range of $399to $7.9K per month. In February 2019 the housing market in Corpus Christi, TX was a buyer’s market, which means there were roughly more active homes for sale than there were buyers. Buyer’s markets are generally more advantageous for buyers rather than sellers.
The median list price of homes in Corpus Christi, TX was $195K in February 2019, trending down -1.5% year-over-year. The median listing price per square foot was $118. Homes for sale in Corpus Christi, TX sold for 1.51% below asking price on average in February 2019. On average, homes in Corpus Christi, TX sell after 84 days on the market. The trend for median days on market in Corpus Christi, TX is flat since last month, and flat since last year.
The median list price in Corpus Christi is $305,000 on Movoto.com. The median list price in Corpus Christi is $305,000. The median list price in Corpus Christi went up 6% from March to April. Corpus Christi’s home resale inventories is 23, which increased 4 percent since March 2019. The median list price per square foot in Corpus Christi is $135. March 2019 was $186. Distressed properties such as foreclosures and short sales remained the same as a percentage of the total market in April.
Corpus Christi Single Family And Multi-Family Homes
Following the housing market decline in 2007, single family rental properties became favorable options for investors, saving in construction or refurbishment prices. The quick turnaround for an owner to rent out their property means cash flow is almost immediate. Single family rental homes have grown up to 30% within the last three years. Almost all the housing demand in the US in recent years has been filled by single family rental units
As per the data from the real estate company called Neigborhoodscout.com, the median house price in Corpus Christi is $130,337, which indicates that home prices in Corpus Christi are well below the national average for all cities and towns. Single-family detached homes are the single most common housing type in Corpus Christi, accounting for 65.89% of the city’s housing units. Other types of housing that are prevalent in Corpus Christi include large apartment complexes or high rise apartments ( 18.58%), duplexes, homes converted to apartments or other small apartment buildings ( 10.98%), and a few mobile homes or trailers ( 2.35%).
The most prevalent building size and type in Corpus Christi are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 56.63% owning and 43.37% renting. Currently, there are 1,128 single family homes for sale in Corpus Christi, TX on Zillow. These include upcoming potential listings. Additionally, there are 151 single family homes for rent in Corpus Christi, TX.
Corpus Christi, TX Foreclosures And Bank Owned Homes
Foreclosures will be a factor impacting home values in the next several years in Corpus Christi. The percent of delinquent mortgages in Corpus Christi is 2.0%, which is higher than the national value of 1.1%.
- Foreclosures in Corpus Christi = 286 (RealtyTrac)
- Homes for Sale in Corpus Christi = 650
- Recently Sold = 91
- Median List Price = $194,900 (2% ⇑ vs Feb 2018)
There are currently 286 properties in Corpus Christi, TX that are in some stage of foreclosure (default, auction or bank owned) while the number of homes listed for sale on RealtyTrac is 650. In March, the number of properties that received a foreclosure filing in Corpus Christi, TX was 9% lower than the previous month and 62% higher than the same time last year.
Home sales for February 2019 were up 0% compared with the previous month, and down 100% compared with a year ago. The median sales price of a non-distressed home in Corpus Christi, TX was $0. The median sales price of a foreclosure home in Corpus Christi, TX was $0, or 0% higher than non-distressed home sales.
Corpus Christi Home Prices And Real Estate Appreciation
The cumulative real estate appreciation rate in Corpus Christi over the ten years has been 22.28%, which ranks in the top 40% nationwide. This equates to an annual average Corpus Christi house appreciation rate of 2.03%.
Over the last year, Corpus Christi appreciation rates have trailed the rest of the nation. In the last twelve months, Corpus Christi’s appreciation rate has been 1.41%, which is lower than appreciation rates in most communities in America. In the latest quarter, the real estate house appreciation rates in Corpus Christi were at 1.29%, which equates to an annual appreciation rate of 5.25%.
The above statistics on real estate appreciation in Corpus Christi were taken from NeighborhoodScout.com. You can visit their page for more information. Relative to Texas, their data shows that Corpus Christi’s latest annual real estate appreciation rate is lower than 90% of the other cities and towns in Texas.
10 Best Neighborhoods In Corpus Christi For Real Estate Investment
There are 153 schools in Corpus Christi, TX. There are 57 elementary schools, 29 middle schools, 27 high schools and 40 private & charter schools. There are 6 neighborhoods in Corpus Christi. Padre Island has a median listing price of $279,000, making it the most expensive neighborhood. Central City is the most affordable neighborhood in Corpus Christi, with a median listing price of $110,000.
These are the 10 best neighborhoods in Corpus Christi to invest in real estate because they have the highest real estate appreciation rates (List by Neigborhoodscout.com).
- Ocean Dr / Robert Dr
- Texas A & M U-Corpus Christi / S Alameda St
- Graham Rd / Waldron Rd
- Ocean Dr / Madison
- Leopard St / N Port Ave
- Baldwin Blvd / Greenwood Dr
- Nueces Bay Blvd / Leopard St
- Gollihar Rd / Lum Ave
- Yorktown Blvd / Flour Bluff Dr
- Horne Rd / Greenwood Dr
Should You Invest In The Corpus Christi Real Estate In 2019?
Investing in real estate is touted as a great way to become wealthy. Is Corpus Christi rental property good for investment? Planning to invest in the Corpus Christi real estate market? Many real estate investors have asked themselves if buying a property in Corpus Christi is a good investment? You need to drill deeper into local trends if you want to know what the market holds for the year ahead.
We have already discussed the Corpus Christi housing market 2019 forecast for answers on why to put resources into this sizzling market. The home prices in the Corpus Christi housing market will be on an upswing all through 2019. The Corpus Christi home prices are expected to rise by 1.8% in 2020. Corpus Christi is the eighth largest city in Texas, though being a large city is not reason enough to invest in a housing market. The overheated San Francisco market and deflated Detroit housing market are proof of that. Here are ten real reasons to invest in the Corpus Christi real estate in 2019.
1. The Affordable Waterfront Properties
Corpus Christi is sometimes referred to as the Florida of Texas. It sits on the warm Gulf of Mexico. If has miles of beaches, and that isn’t included the long sandbar islands of Port Aransas and San Jose Island. If you want to find affordable waterfront properties to rent out to vacationing tourists, Corpus Christi offers excellent ROI.
The rest of the city counts as an affordable real estate market, as well. Median home prices have passed $150,000 a year and are approaching $200,000, yet the median home price in nearby Houston is already a quarter million dollars.
2. The Strong Tourism Market
Whether someone wants to go deep sea fishing from Aransas Pass, windsurfing in the Gulf of Mexico or plans on seeing the U.S.S. Lexington, the city offers something for everyone. This gives Corpus Christi a relatively strong tourism market (around eight million visitors a year) though their economy isn’t reliant on it. Instead, the largest forces in the Corpus Christi economy are education and energy.
3. The City’s Status as a Transportation Hub
The Port of Corpus Christi is the fifth largest in the United States. On top of this is Corpus Christi International Airport. Highway 37 links the city to San Antonio and I-35 about 130 miles to the north. This provides steady, high paying jobs for many in the city and demand for Corpus Christi rental homes. It also explains the high level of investment by oil and gas firms that don’t have room or money to expand in Houston.
4. The Mixed Job Market
The Corpus Christi real estate market is directly and indirectly affected by its mixed job market. The middling household income of around $50,000 means that around 40% of residents can’t afford to buy homes in the Corpus Christi housing market. The nearly 4% unemployment rate isn’t spectacular, but it is a major step up for those coming up from the Rio Grande Valley where unemployment is 5 to 6% and wages are even lower.
5. The Military Market
Any military base is going to dump a large population of renters into a given area. Naval Air Station Corpus Christi and Corpus Christi Army Depot create a large market for Corpus Christi rental homes. On top of that are the people who work at Customs and Border Protection, the marine aviation program and the naval health clinic. The military training programs in particular create heavy demand for rentals in the Corpus Christi real estate market, because people come here for a few months to train before moving on.
6. The Modest Student Market
Almost any large city will be home to at least one college or university. Corpus Christi is home to several. The largest is Texas A&M University, Corpus Christi. This brings around 12,000 students from around the world to the Corpus Christi rental homes, especially since this campus offers classes to international students to prepare them for the rigor of the American university system. Del Mar College and Saint Leo University are located here, as well. Stark College & Seminary is located on Ward Island.
7. The Good Return on Investment
Median rent is nearly a thousand dollars a month. Note that the rent you can command for Corpus Christi rental homes is higher than what you could charge for a one or two bedroom condo. Rent for a three bedroom home is around $1500, while a four bedroom home can be rented out for around $1800. This is a high ROI given that the median home in the city is roughly $150,000.
8. The Restrictions on Supply
Home appreciation has gone up nearly 4% annually for the past few years, and it is up by a quarter over the past ten years. (This includes the housing bust of 2007-2010.) However, one of the biggest issues the Corpus Christi housing market faces is restrictions on supply. They aren’t adding homes fast enough to meet demand from both migration to the area for work and population growth.
Another restriction on housing supply has been the high cost of labor and building materials. Then there’s geography. The city can’t expand to the east because that’s all water, while there are protected areas up and down the coast that further limit where one can build.
9. The Landlord Friendly Market
Texas in general is landlord friendly. State laws are fairly generous on lease terms and making it easy to evict someone for nonpayment of rent or violations of the lease. Cities, though, can enact local legislation that makes things more difficult for a landlord. However, Corpus Christi can’t be called AirBnB friendly. The city is struggling to approve short term rentals, though you can certainly find condos and single family homes for rent to tourists in the Corpus Christi real estate market.
10. The Relatively Low Taxes
The state of Texas doesn’t have an income tax. Instead, they pay most of the bills via a property tax. The property tax rate can vary wildly across the state. The average property tax rate in the state is 1.931% of the assessed value of the home. Tarrant County, home of Fort Worth, Texas, has a property tax rate of 2.321%. School districts and other legal entities can tack on their own tax levy. The combined tax rate for Corpus Christi rental homes would be around $2.64 per $100 of assessed value.
This is where the relatively cheap Corpus Christi housing market comes into play. Corpus Christi rental homes won’t qualify for exemptions like the homestead exemption, disability exemptions of veteran’s exemptions. On a $190,000 rental home in the Corpus Christi real estate market, property taxes come out to around $5000 a year. That’s more than ten percent less than the average tax bill on the median home in Houston.
Corpus Christi Real Estate Investment
Maybe you have done a bit of real estate investing in Corpus Christi, TX but want to take things further and make it into more than a hobby on the side. It’s only wise to think about how you can and should be investing your money. If you invest wisely, you could secure your future. If you are a beginner in the business of cash flow real estate investing, it very important to read good books on real estate.
Most investors naturally gravitate to residential property investment. When looking for the best real estate investments, you should focus on markets with relatively high population and employment growth. Both of them translate into high demand for housing. If housing supply meets housing demand, real estate investors should not miss the opportunity since entry prices of homes remain affordable.
You must also collaborate and learn from savvy real estate investors who have retired early on in their lives by investing in some of the best real estate markets like Corpus Christi, TX. The Corpus Christi real estate market offers an excellent mix of opportunities such as catering to the student market, military market and tourism market. The local economy and demographics make the Corpus Christi housing market incredibly stable, insulating it from wild price swings while guaranteeing decent returns.
Buying an investment property is different from buying an owner-occupied home. Investment properties are designed to make money as rentals, which means you must look at it solely as an income producing entity just like any other business.
Whether you are a beginner or a seasoned pro you probably realize the most important factor that will determine your success as a Real Estate Investor is your ability to find great real estate investments.
According to real estate experts, buying in a market with increasing prices, low interest, and low availability requires a different approach than buying in a cooler market.
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Best Places In Texas To Invest In Real Estate
Apart from the Corpus Christi real estate market, you can also invest in the housing market of Houston, TX. If you are a home buyer or real estate investor, Houston definitely has a track record of being one of the best long term real estate investments in America through the last ten years. The Houston housing Market prediction 2019 is good, and current housing prices are relatively low, so if you want to get on board the Houston real estate investing then now would be a great time to do so.
The Houston metro area offers great opportunities for investors who are looking for a stable market that offers both cash flow and equity growth at a price that is STILL well below their replacement value. The median home value in Houston is $185,600. Houston home values have gone up 7.2% over the past year and their Houston real estate market prediction is that they will rise 3.4% within the next year.
The next one is the San Antonio real estate market. The median home value in San Antonio is $167,600. San Antonio home values have gone up 8.0% over the past year and Zillow predicts they will rise 2.5% within the next year. For those who want to invest in rental real estate, the San Antonio housing market 2019 is an ideal location because of the outsized military presence. Fort Sam Houston is located inside the city limits.
Lackland Air Force Base, Randolph Air Force Base, Camp Bullis and Camp Stanley are located in the immediate vicinity. This means that there is a large population that will almost always rent because they don’t know where they’ll be sent on their next assignment.
The El Paso real estate market is another hot market to invest in. El Paso real estate market 2019 was ranked at 4th in Trulia’s hottest real estate markets to watch in 2018. El Paso’s strong job growth, affordability, low vacancy rates and high population of young household were pivotal in the ranking process.
The cost of living in El Paso is lower than the national average, while the cost of housing is well below that of other major metropolitan areas, including Houston and Austin. The Central, Cielo Vista and Mesa Hills areas offer more affordable rental properties for sale, while neighborhoods in the northwestern and eastern parts of the metro area have some of the more expensive housing inventory. The amount residents spend on everyday expenses, such as food and transportation, is slightly less than what the average American pays.
With Austin, Texas, becoming a more diverse city every year, there are plenty of opportunities to take advantage of – from buying new homes to different investing options in the Austin housing market 2019. Austin is a leader across the country with jobs and when you combine that with home prices not as drastically increasing, you’ll get a real estate market that many others envy.
Homes in Austin are 23% cheaper than the national average. It may be the second most expensive housing market in the state with a median home price of around $350,000, but it is still far cheaper than California or New York. Buy up condos or townhomes, and you’ll be able to see a sizable return on the investment.
The Dallas-Fort Worth area is exploding due to its strong job market, low housing costs, and low taxes. The Fort Worth real estate market presents an excellent opportunity for investors because it is both cheaper than its big brother and providers a wider variety of properties.
The Fort Worth real estate market has a much lower density than the Dallas real estate market. You can find high density housing in downtown Fort Worth, but it is far easier to find horse-friendly properties in the Fort Worth real estate market than the distant suburbs of Dallas. This is, of course, in addition to the luxury housing markets in both cities.
How can we not mention Dallas in this list? The Dallas real estate market 2019 is shaping up to continue the trend of the last few years as one of the strongest markets in the United States. Despite some fluctuations in the market, demand and sales have continued to climb at a feverish pace for more than two years and show no signs of stopping.
Dallas’s local economy is a mix of aerospace, computer chips, telecommunications, transport, energy, and healthcare sectors and the Finance and Business services. These sectors are all providers of good wages which allows for a strong market for Dallas investment properties.
Let us know which real estate markets you consider best for real estate investing! If you need an expert investment advise, you may fill up the form given here.
One of our investment specialists will get in touch with you to discuss all facets of searching for, buying, and owning a turnkey investment property.
*Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, the Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.
References:
The Port
https://en.wikipedia.org/wiki/Corpus_Christi,_Texas
Affordable waterfront
https://realestate.usnews.com/places/texas/corpus-christi
Tourism
https://realestate.usnews.com/places/texas/corpus-christi
http://www.visitcorpuschristitx.org/about/fun-facts
The Military market
https://en.wikipedia.org/wiki/Naval_Air_Station_Corpus_Christi
ROI
https://realestate.usnews.com/places/texas/corpus-christi
https://www.bestplaces.net/housing/city/texas/corpus_christi
Restrictions
https://www.bestplaces.net/housing/city/texas/corpus_christi
https://www.caller.com/story/news/local/2018/06/13/corpus-christi-housing-falling-short-meeting-future-growth/696551002/
Landlord friendly
https://www.caller.com/story/news/local/2018/01/19/corpus-christi-home-rezone-denial-sets-up-future-fight-airbnb/1047447001
Taxes
https://smartasset.com/taxes/texas-property-tax-calculator
https://smartasset.com/taxes/harris-county-texas-property-tax-calculator
Student market
https://en.wikipedia.org/wiki/Corpus_Christi,_Texas#Colleges_and_universities
https://en.wikipedia.org/wiki/Texas_A%26M_University%E2%80%93Corpus_Christi
Job market
http://www.city-data.com/city/Corpus-Christi-Texas.html
https://en.wikipedia.org/wiki/List_of_cities_in_Texas_by_population https://www.themonitor.com/2018/10/23/rio-grande-valleys-unemployment-rate-continues-decline
Market Data, Trends and Statistics https://www.zillow.com/corpuschristi-tx/home-values https://www.littlebighomes.com/real-estate-corpus-christi.html https://www.trulia.com/real_estate/Corpus_Christi-Texas https://www.realtor.com/realestateandhomes-search/Corpus-Christi_TX/overview https://www.movoto.com/corpus-christi-tx/market-trends https://www.realtytrac.com/statsandtrends/tx/nueces-county/corpus-christi https://www.neighborhoodscout.com/tx/corpus-christi/real-estate
