Corpus Christi, Texas

Could Corpus Christi be a buyer’s market? If so, this would be quite different from the majority of what is happening nationwide. But, it is being said that if you want to purchase a home in Corpus Christi, act now.

Keep in mind that Hurricane Harvey affected the residential Corpus Christi market very little, and having possibly zero affect. An important factor is that the inventory of housing  is up from 2 years in the past.

Average housing prices have been constant in Corpus Christi. They have ranged from $180,000 to $190,000.

The home market in the United States is seeing things differently. The sales pricing of existing houses have increased 5.5 percent.

And in our nation, a trend of lower inventory generally causes the sale of fewer houses. But more new construction of homes has occured because of a big need for starter type housing.

Getting back to Corpus Christi, it is predicted that there will be an increase in the number of rental real estate properties. Job growth is the reason. And renters compose 46 percent of the home market in Corpus Christi, and those who own homes compose 54 percent of the home market.

Because the cost of homes in Corpus Christi are lower than in so many cities in the nation, there is increased affordability. This is very encouraging for home buyers in the Corpus Christi area. Also, it’s encouraging for those who may want to move here to take advantage of lower housing costs.

Moving on to commercial real estate news in Corpus Christi, Rainier Realty Investments LP made the announcement of acquiring a 380,000 square foot retail center in Corpus Christi. This is a super-regional Class A property. Known as Moore Plaza. It is Rainier’s 4th retail center purchase in the past 6 months. The total worth of all 4 of these investments is $192,000,000.

Amazingly, Moore Plaza is 99% occupied. It has a wide ranging group of national tenants which include Stein Mart, Office Depot/Office Max, Hobby Lobby, Marshalls, World Market and Old Navy.