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Corpus Christi's Housing Market: Rising Home Values and Stable Ownership in a Coastal Texas City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Corpus Christi, a vibrant coastal city in Texas, has experienced notable shifts in its housing market over the past decade. Known for its beautiful beaches and thriving port, this city of 316,228 residents as of 2022 has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Corpus Christi has remained relatively stable, with slight fluctuations between 54% and 58% from 2013 to 2022. Concurrently, average home prices have shown a consistent upward trend. In 2013, the average home price was $129,568, which steadily increased to $218,790 by 2022, representing a significant 68.9% increase over this period. This trend suggests that while homeownership rates remained relatively constant, the value of owned properties appreciated considerably.
Federal interest rates have played a crucial role in shaping homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates in Corpus Christi fluctuated between 54% and 57%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), homeownership rates stabilized around 56-58%. This stability in homeownership rates, despite rising home prices, may be attributed to the still relatively low interest rates making mortgages more accessible.
Renter percentages in Corpus Christi have inversely mirrored homeownership rates, ranging from 42% to 46% between 2013 and 2022. Average rent prices have shown a steady increase during this period. In 2013, the average rent was $858, which rose to $1,163 by 2022, marking a 35.5% increase. This trend in rent prices, while significant, was less dramatic than the increase in home prices. The city's population growth from 316,389 in 2013 to 316,228 in 2022 suggests that rental demand remained relatively stable, potentially contributing to the steady increase in rent prices.
In 2023 and 2024, Corpus Christi's housing market continued to evolve. The average home price reached $220,447 in 2023 and slightly increased to $220,552 in 2024, showing a slowing in the rapid price growth seen in previous years. Notably, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting home buying affordability and market dynamics.
Looking ahead, predictive models suggest that average home prices in Corpus Christi may continue to rise, but at a more moderate pace, potentially reaching around $235,000 to $240,000 by 2029. Average rent prices are forecasted to follow a similar trajectory, potentially increasing to approximately $1,300 to $1,350 per month in the next five years. These predictions take into account historical trends, current market conditions, and the potential impact of higher interest rates on housing demand.
In summary, Corpus Christi's housing market has demonstrated resilience and growth over the past decade. The stability in homeownership rates despite rising home prices suggests a robust local economy and sustained demand for housing. The consistent increase in both home prices and rent prices, coupled with steady population figures, indicates a balanced and growing real estate market. As the city moves forward, the interplay between interest rates, housing affordability, and population dynamics will likely continue to shape its housing landscape.
