The Corpus Christi real estate market continued to rally in 2016, as the first-half of the year saw homeowners and investors made privy to a lot of positive aspects: home prices and appreciation rates just to name a few. Although lower than the national average, prices for Corpus Christi real estate continued to grow from the previous year, with gains in the last three years extending the trend of positive price growth since the recession. Total home equity also continued to improve during the first six months of the year, and is now comparative with the rest of the country.
Market factors such as home affordability and new housing construction helped to support recovery efforts for the Corpus Christi real estate market in 2016. New construction continued to speed up, as the first-half experienced a slight boost in construction compared to previous years. Home affordability for the Corpus Christi housing market also improved, and is now among the lowest in the nation. However, the local economy continued to struggle. Both unemployment and job-growth remained below the national average, weighing heavily on confidence. That said, the Corpus Christi real estate market is poised to see continued improvements and success in coming years.
Corpus Christi, TX Real Estate Market Statistics:
Home appreciation for the Corpus Christi real estate continued to rebound in the first-half of 2016. One-year appreciation rates settled at 2.1 percent during the second quarter, compared to the national average of 4.9 percent. Three-year rates, however, soared to 23.9 percent for Corpus Christi real estate, whereas the rest of the country experienced rates of 17.8 percent. The rise in appreciation should further boost investor activity moving forward, with Corpus Christi real estate investing picking up pace in 2017. For those considering Corpus Christi real estate investments, the following spotlights appreciation gains from previous years:
- Homes purchased in the Corpus Christi, TX housing market one year ago have appreciated, on average, by $6,974. The national average was $14,963 over the same period.
- Homes purchased in the Corpus Christi, TX housing market three years ago have appreciated, on average, by $44,770. The national average was $46,878 over the same period.
- Homes purchased in the Corpus Christi, TX housing market five years ago have appreciated, on average, by $68,404. The national average was $82,353 over the same period.
- Homes purchased in the Corpus Christi, TX housing market seven years ago have appreciated, on average, by $71,351. The national average was $77,054 over the same period.
- Homes purchased in the Corpus Christi, TX housing market nine years ago have appreciated, on average, by $71,030. The national average was $31,126 over the same period.
The Corpus Christi real estate market fared well in terms of total home equity gains. Price appreciation and principle payments in the last three years have boosted total equity growth since the recession, which bodes well for Corpus Christi real estate investors and homeowners. Compared to the national average, equity gains for Corpus Christi real estate reached their highest margin of profit in year nine, when homes appreciated by $71,030, compared to $31,126 achieved by the rest of the country. In fact, equity gains in the last nine years have been fairly consistent with the national average.
There were 377 properties in Corpus Christi in some stage of foreclosure during the month of November, according to RealtyTrac. Although this represents a seven percent increase compared to the previous month, it was 14 percent lower than the same period last year; the same goes for bank owned real estate. REO properties in Corpus Christi increased 20.7 percent from the previous month, while falling 25.5 percent from the same period last year. The secret to any successful real estate investor is the ability to recognize opportunity, and foreclosures are generally known as such.
Corpus Christi, TX Real Estate Market Summary:
- Current Median Home Price: $190,100
- 1-Year Appreciation Rate: 2.1%
- 3-Year Appreciation Rate: 23.9%
- Unemployment Rate: 6.0%
- 1-Year Job Growth Rate: 1.8%
- Population: 316,381
- Median Household Income: $49,675
Corpus Christi, TX Real Estate Market (2016) — Q2 Updates:
The median home price for Corpus Christi real estate was $190,100 during the second quarter, compared to the national average of $239,167. In terms of appreciation, home values in Corpus Christi have increased 2.1 percent from the previous year, with three-year appreciation rates of 23.9 percent. For homeowners and investors, gains in home prices within the last three years extended the trend of positive price growth since the recession.
A combination of new housing construction and home affordability have fueled the Corpus Christi real estate market in the first-half of 2016. Homeowners paid 9.1 percent of their income to mortgage payments during the second quarter, whereas the national average paid 15.8 percent. Although affordability for the Corpus Christi housing market is higher than it was a year ago, it remains among the lowest in the country. That said, construction for new housing continued to ramp up. The second quarter witnessed construction reached 29.1 percent above the long-term average, despite single-family housing permits falling to -8.1 percent. In comparison to the previous year, construction for new housing in Corpus Christi continued to decline.
The local economy also took a few shots in 2016. The unemployment situation is worse than the rest of the nation and weighs on confidence. The Corpus Christi area experienced an unemployment rate of six percent during the second quarter, compared to 4.9 percent by the national average. On the other hand, job-growth remained competitive with the national average (1.8 percent compared to 1.9 percent) during the second quarter. Although unemployment needs to improve, it’s important to note that positive job growth for an area is never a bad thing. Corpus Christi real estate investors should keep an eye on the local economy to evaluate potential short and long-term investments.
Looking forward, the Corpus Christi real estate market is poised to do exceptionally well in 2017. According to the National Association of Realtors (NAR), the Corpus Christi real estate market is forecasted to experience stronger price growth than in the U.S. in the next 12 months, with home prices predicted to grow by3.9 percent, compared to the national average of 3.6 percent.
