Whether you’re a real estate investor or buying personal property, knowing the market and keeping up with the trends is important so you can make all the right moves! You should reach out to a real estate professional to gain as much knowledge as possible beforehand. Read on for some details about the Texas housing market and housing market predictions for 2023.
Texas has variable real estate trends depending on the city and region. In fact, median home sale prices were up 11.3% in 2022 as compared to 2021, but remained cheaper than the national median sale price of $370,700, according to the Texas REALTOR Data Relevance Project. It is important to note that housing availability across Texas had been decreasing steadily as prices increased, which was good news for sellers in the past; but that might be changing as fewer properties hit the market starting in February of 2022.
According to predictions from RedFin News, property prices are headed down; the decrease will occur throughout 2023 with property sales reaching their lowest level since 2011. The current high mortgage rates that were driven up in the last few years, will slowly decline to about 5.8% by year’s end, but the average homebuyer should still expect a median rate of around 6.1% in 2023. The 3% rates commonly found in 2020 will remain out of sight for another few years. This means there will likely be slowed sales across Texas.
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That said, the slow-down actually points to a surplus supply. According to Norada Real Estate Investments, new construction homes might increase overall sales; but some investors will be priced out due to the high mortgage rates in the current market. As selling prices drop in the first quarter, home sales will probably fall between 20%-30% for most of the year in line with predictions. The Texas market will be attractive to investors and to individuals who have been delaying their real estate purchases.
The Corpus Christi real estate market trends are a small subsection of the greater Texas housing market. If building equity in property is the desired outcome, 2023 will be a great year to purchase in Texas. And Corpus Christi is no exception due to the significant appreciation momentum in the area. Properties purchased in the Corpus Christi area in the last three years have an average appreciation value of $44,895 whereas the national average was approximately $53,800. However, it is important to note that buyers will likely pay a premium in this market. Average sale prices in Corpus Christi today are up approximately 4.1% since last year, with properties selling about 3.2% under the list price in a competitive market. Many people are moving to Corpus Christi. This suggests that the area is popular for homebuyers and investors alike.
If you are interested in buying or selling a house in the Texas Gulf Coast region, consult with the professionals at WEICHERT, REALTORS® – The Place of Houses. The reputable group of real estate experts at this Corpus Christi, Texas-based real estate brokerage will help you navigate the current property market. The experienced, competent property experts at WEICHERT, REALTORS® – The Place of Houses offer outstanding real estate guidance and support to every client. Contact WEICHERT, REALTORS® – The Place of Houses to find out more about their professional services and resources.