High Inventory Meets Price Stability Across the Coast

Port Aransas: Luxury Market Cools Slightly

After a surge in March, Port Aransas experienced a moderation in April. The median sales price settled at $617,500, marking a 20.7% year-over-year increase. Notably, 34.5% of homes sold were priced over $1 million, underscoring the area's appeal to luxury buyers. However, the market saw a significant rise in inventory, with months of supply increasing to 24.5, up from 13.5 in April 2024. Homes spent an average of 62 days on the market, a reduction of 39 days compared to the previous year, indicating that while inventory is up, well-priced homes are still moving relatively quickly.

Rockport: Buyer’s Market with Rising Prices

Rockport's market continues to favor buyers, with months of inventory at 13.15, a 7.7% increase from March. Homes are taking longer to sell, averaging 85 days on the market—a 70% jump month-over-month. Despite this, the median sold price rose to $376,700, up 8.72% from March, possibly reflecting a shift toward higher-end or updated homes being sold. The list-to-sold price ratio dipped slightly to 97.3%, suggesting that while sellers are still receiving strong offers, pricing correctly is becoming increasingly important in a competitive market. 

Corpus Christi: Steady Growth Amidst Expanding Inventory

Corpus Christi's real estate market showed stability in April. The median sales price edged up to $266,000, a modest 0.4% increase from April 2024. Total home sales reached 1,835, reflecting a 39.8% year-over-year growth. However, the market is experiencing expanding inventory, with months of supply rising to 7.3, compared to 4.9 in April 2024. Homes spent an average of 73 days on the market, five days more than the previous year, indicating a slight cooling in buyer urgency.

Overall Market Insight:

The Coastal Bend real estate markets are experiencing a shift, with increasing inventory levels across all three areas. While Port Aransas and Rockport show signs of a cooling luxury market and extended selling times, respectively, Corpus Christi maintains steady growth. Buyers are presented with more options and negotiating power, while sellers need to be strategic in pricing and presentation to attract serious offers in a more competitive landscape.