The COVID-19 pandemic has hit many Texas industries extremely hard. But real estate has survived the economic impacts and has seen more growth than anyone expected. In Corpus Christi, Texas home sales have skyrocketed since the start of the pandemic in the spring of 2020.
As people have continued to invest in real estate, there has been a high demand for houses. Developers and builders are trying to meet the demand, but are struggling to build fast enough, especially as their building material suppliers have a reduced workforce—they cannot get the supplies/materials orders processed nearly as fast as in the pre-pandemic times. Complicating things even further for building professionals is the increase in costs for materials and services, which is part of the reason the market has seen a major increase in the prices of houses in many places, including Corpus Christi and other cities along the Texas Gulf Coast.
In Corpus Christi’s Nueces County, median prices for homes are up almost 20% in a year, even though active listings are down, according to data compiled by the Corpus Christi Association of Realtors. As home prices increase at a record pace and as inventory lags behind the demand for properties, mortgage interest rates have dropped as well; these low rates are another reason for the home sales increase that’s occurred in the last year. The interplay between these three things has caused a very tight, competitive sellers’ market. The current outlook for the Corpus Christi housing market depends on these factors, as well as whether the national economy and state economy are strengthening.
The Corpus Christi economy has been majorly impacted by the pandemic, as has that of the nation and the state of Texas; but the housing market offers a glimmer of hope to people wondering if the local economy will hold. There is hope that it’s likely to recover well as COVID-19 vaccinations increase and cases of the disease decrease. And the changing conditions of the Corpus Christi housing market that has stemmed and somewhat reversed migration from Gulf Coast cities to larger Texas cities will settle further, as people continue to place great value on space versus density.
If you are in the market for a new home and interested in properties in Corpus Christi or other communities along the Texas Gulf Coast, you should seek out the details about the current market. If you research your options thoroughly, you will be able to find a new home that satisfies your needs and desires. A licensed real estate professional, like those at WEICHERT, REALTORS® – The Place of Houses, can help you with your research. If you need guidance or advice about the process of buying a new home, consulting a professional real estate agent is key. If you are interested in discussing your needs and viewing available homes for sale on or near the Texas coast, WEICHERT, REALTORS® – The Place of Houses is the professional real estate team to call. The Corpus Christi-based company employs knowledgeable, experienced real estate specialists who will offer excellent support to their clients. Contact WEICHERT, REALTORS® – The Place of Houses so the expert real estate team can help you to find your new home on the coast with efficiency and ease.