College Station-Bryan Housing Market Trends to a Seller’s Market

The number of Texas homes sold in the third quarter of 2020 increased compared to the same time frame last year, while the housing inventory decreased.

In the College Station-Bryan MSA housing market, closed sales increased 30 percent compared to the same quarter last year, while active listings are down 17 percent.

Amy DuBose, Association Executive of the Regional Association of REALTORS®, says this pushes College Station-Bryan into a sellers market.

“It’s sometimes not convenient to have your house on the market during the holidays, but if you have the ability and the comfort level to do it now, it might be something worth looking into,” said DuBose.

DuBose says on the flip side, buyers need to have an open mind.

“You need to come in with a very realistic idea of what’s going on and you need to come in with all your ducks in a row because when you make an offer, you need to be in the position to move quickly,” said DuBose.

The median price of a home, which is $235,000, is up about three percent compared to 2019.

Click HERE for more housing market statistics in Texas.

Listen to “College Station-Bryan Housing Market Statistics for Q3” on Spreaker.

News release from Texas REALTORS®:

AUSTIN, Texas – The number of Texas homes sold from July to September 2020 increased nearly 19% compared to the same time frame last year, according to the 2020-Q3 Texas Quarterly Housing Report released today by Texas Realtors.

“The Texas real estate market’s resiliency, especially in the middle of a pandemic crisis, is nothing short of incredible, though our housing supply is still critically low,” said Cindi Bulla, chairman of Texas Realtors. “We are hard at work looking for the supply solutions necessary to keep our market healthy and make the American dream of homeownership attainable to every Texan.”

Home sales increased 18.4%, with 119,642 homes sold in the third quarter of 2020. Statewide, the median price increased 8.6% to $266,000. Of all the homes sold within the third quarter, 34.1% were priced from $200,000 to $299,999, the highest share of sales among all price-class distributions.

Jim Gaines, Ph.D., chief economist with the Real Estate Center at Texas A&M University, commented, “The Texas housing market experienced a strong push-through of demand from the second quarter into the third quarter. Active listings saw a sharp drop with many sellers hesitating to list their property in the middle of a pandemic. However, as the economy and employment numbers continue to recover, we anticipate end-of-year sales figures will be higher than 2019.”

Active listings declined 32.4% in Q3 to 71,569 listings. Texas homes spent an average of 52 days on the market, two days more than the third quarter of 2019.

Housing inventory in Texas declined 1.3 months to 2.3 months of inventory. According to the Real Estate Center at Texas A&M University, a market balanced between supply and demand has between 6.0 and 6.5 months of inventory.

Bulla concluded, “Although our real estate market remains strong, the data in this report shows there are still long-term implications regarding this housing shortage that need answers, and finding those solutions will remain a major focus for Texas Realtors at the state and local level for 2020 and beyond.”