Real Estate Trends for 2020
Jim Gaines, chief economist for the Real Estate Center at Texas A&M, recently shared his analysis of trends in housing for Bryan-College Station and Texas as a whole.
While Gaines calls 2019 a “flat” year in terms of the sale of new homes in Bryan-College Station, he’s quick to add that it shouldn’t be seen as a negative. In an article in The Eagle, he’s quoted as saying:
“It gives the public sector and everybody a chance to catch their breath and catch up with each other after that accelerated growth we experienced a few years ago. We are poised in the College Station-Bryan area, in general, for population and economic growth to continue.”
Gaines said that local business activity has been ticking up, a trend that he described as good news for the community.
Texas to Lead the Nation in New Home Construction
In his 2020 Housing and Economic Outlook, Gaines projects that Texas will lead the nation in new home construction again this year. The Real Estate Center predicts a statewide increase of 10.3% in single-family housing permits in 2020, fueled by low mortgage rates and steady employment growth. Gaines points out that Texas has not seen double-digit growth in new home construction since 2017. For example, in 2019, single-family housing permits grew by only 1.9%.
Bryan-College Station Home Prices on the Rise
According to the Bryan-College Station Regional Association of Realtors, the median price for a home in Bryan in December of 2019 was $197,000. That’s an increase of 4.7% compared to December of 2018.
The median price of a home in College Station in December of 2019 was just under $255,000, up 10.8% from a year ago.
Curious how our home prices compare to the rest of the state? The median home price for all of Texas is just over $245,000.
What Do These Numbers Mean for You?
In a nutshell, purchasing a new home Bryan-College Station is a great investment. As prices continue to trend upward, you’ll see appreciation in your home, and grow equity at a good pace. Since both population and the economy in our area are expected to grow, you can expect to see greater demand for Bryan-College Station new homes in the year ahead.
Are you considering purchasing new construction in the Bryan-College Station area? We can help! Starting on your new home now will benefit you in two ways: you’ll get ahead of the projected price increases and will also be able to realize an increase in your home’s value almost from the moment we start building!
Give us a call or stop by with your questions on the real estate market in Bryan-College Station and the homebuilding process. We love what we do, and we love to help people realize their dream of owning new homes Bryan-College Station!