Increased job opportunities in the Coastal Bend has led to a population boom, driving up the demand for apartments and single-family homes in the area.
For the first time in two decades, the number of people moving into the Corpus Christi area is significantly higher than the number moving out — by 19,000 in 2013. Increased job opportunities, mainly in the oil and gas industries, has led to the population boom. Coupled with a lack of available housing stock for sale, home prices have gone up with the population.
Median home prices have increased from $166,600 in February 2013 to $190,600 in February 2014 — a 14 percent jump.
Corpus Christi buyers had 2,262 options from which to choose when house shopping at the end of 2012. That number dropped to 1,883 at the end of 2013 — a 16.8 percent decrease in available housing.
"Listings have gone down considerably over the last couple of years," RE/MAX owner and agent Chris Duff said. "What is out there is selling fast. We're busy all the time."
Medium-priced homes best suit median incomes, which also increased in Corpus Christi over the past year. Eighteen months ago, the average homebuyer made $47,000 a year. That has increased to between $50,000 and $55,000 a year.
But the affordable single-family home for which these workers are looking isn't there in any quantity, Duff said. These workers are being pushed into apartment living, which is even tighter — at least, for now.
An almost 98 percent occupancy rate for apartments has caused rents to climb as well. That figure is the highest among Texas cities, including Austin and San Antonio, which are both experiencing similar population increases.
Multi-family developers are showing interest with bricks and mortar. Earlier this year, Tuscana Bay Apartment Homes and Lofts opened a 228-unit complex at 2921 Airline Road. The company plans to build a 300-plus unit across the street in the near future. Other apartment complexes are rising from the dust around the city as well.
Meanwhile, the Association of Realtors is looking to partner with the local Builders Association and other entities to help national homebuilders see the investment potential in constructing medium-priced homes in the area.
"There's plenty of opportunity here," said Warren Andrich, president of the Corpus Christi Association of Realtors. "We have lots of land available. It's just a matter of somebody looking at it and saying, 'We can make money here.'"
