COLLEGE STATION – Like the rest of the state, College Station-Bryan has experienced significant home price growth in recent years. However, a Texas Real Estate Research Center (TRERC) research economist says area price growth rates and the number of transactions will likely be lower this year.
“By the end of the year, interest rates may be down some,” said Dr. Adam Perdue with TRERC. “That’s what people are struggling with. It’s a lot less competitive than, say, two years ago. Looking at the bigger picture though, Bryan-College Station has been a little bit more stable than a lot of other places in Texas, especially Austin. Right now, we’re still reporting unusually high price growth.”
A report from TRERC shows the median price for a home in Bryan-College Station is $299,950 as of February of this year.
Perdue said prices were still increasing unusually fast in the first half of last year.
“In many other places across Texas, and the country, they also dropped rapidly in the second half of the year,” he said. “This also occurred here in Bryan and BCS, just not to such extremes, especially on the downside in the second half of the year.”
Perdue predicts market conditions will remain steady as 2023 continues.
”It really is basic supply and demand like any other market. It’s really no one’s market. If you want to put it in a sellers vs. buyers market terms, it’s neither,” said Perdue. “It’s getting harder and harder for buyers to afford the housing prices that we’ve seen, so they’re not any better either.”