2020 State of Island Real Estate

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A new decade can bring excitement, anticipation, and chatter of changes. But one thing that doesn’t seem to change is what’s most important in the real estate market: As we real estate experts commonly quip, it all comes down to three simple things: Location, location, location! And lucky for us, that’s the one absolute permanent asset we have – our sparkling coast and sunny skies. Not only is Texas itself seeing exponential growth, so are we here on the Island.

Future job growth in Corpus Christi over the next ten years is predicted to be 25%. Unemployment rates are down, home prices are up, and the Texas economy is strong. As the state keeps attracting new businesses and cranking out jobs, these trends are only likely to improve.

The Island, known in large for its tourism, has seen and will continue to see phenomenal growth over the past few years. With new industry and population increases, it’s no wonder the real estate market is healthy and busier than ever.

So what if you wanted to buy or sell here? By comparing these price trends, you’ll have a good idea of where the market could be heading. The median listing and sold property prices (below) are calculated based on the market activity each month. Our Island is valuable!

Listed vs. Sold

It’s important to understand the different between “list price” (what sellers are asking for) and “sold price” (what buyers are actually paying).

Let’s break it down!

FOR SALE – through February 15, 2020

Interior Homes

  • 68 homes currently listed for sale

Statistics

  • Low price – $200,000
  • High price – $785,000
  • Average price – $375,258
  • Average square footage – 2,255

Waterfront Homes

  • 81 homes listed for sale

Statistics

  • Low price – $309,900
  • High price – $4,500,000
  • Average price – $671,596
  • Average square footage – 2,505

SOLD HOMES – January through February 15, 2020

Interior Homes

  • 16 sold interior homes in the first month and a half of 2020

Statistics

  • Low price – $201,250
  • High Price – $383,000
  • Average price – $286,522
  • Average square footage – 1,878

Waterfront Homes

  • 15 sold waterfront homes in the first month and a half of 2020 (up 216% from the same timeframe in 2019; 6 houses)

Statistics

  • Low price – $250,000
  • High price – $825,000
  • Average price – $454,833
  • Average square footage – 2,096