Many new home buyers prefer to investigate new home construction in the housing market rather than seek existing homes which might have been constructed several decades ago. The appeal of new construction homes is that there’s a much greater opportunity for customization and making the home more like a reflection of your own personality, i.e. it can be molded and shaped to a greater extent. This article will contain some general information on the housing market in New Braunfels, TX, as well as an update on the status of newly constructed homes in the area.
New Braunfels housing market trends and statistics
The median list price for homes in New Braunfels, TX has risen to $294,104 as of December 4, 2017, with more than 300 individual homes being listed as available for sale in the city. The average price per sq. ft. of real estate on that date was listed at $139.84, nearly $140. With homes spending an average of 91 days on the market, there has been plenty of time for shoppers to browse the listings and find what they’re looking for. According to housing experts in the area, New Braunfels home values have risen approximately 6.3% in the past year, and are expected to rise another 3.5% in 2018.
These figures represent a fairly steady market, with relatively minor fluctuations over the past two years. For instance, at the beginning of 2016, the median price of housing in New Braunfels hovered just above $250,000, but by the beginning of the third quarter, that figure had climbed to around $290,000. Eventually, prices settled in at around $275,000 to finish the year, and provide a baseline for 2017 housing figures. There was a dip through the March, April, May period this year, before housing prices climbed back up to the $275,000 neighborhood, and those numbers are currently at a year-long high to finish the year.
Strong growth factors for construction
A July article which appeard in Forbes magazine declared that nearby San Antonio, just a few miles southwest of New Braunfels, is a city which is experiencing a rapid increase in average income, with a corresponding rise in employment. That is one of the strongest influences on the regional housing market, especially for new construction, because workers who might have shied away from building in the past are now confidently riding the crest of an economic boom.
This is having a somewhat negative impact for buyers at the same time however. Since the area economy is thriving so impressively, it’s having the effect of increasing demand for housing and driving the price up for buyers. Seller of course, are enjoying this trend, since the median sale price of new homes is steadily rising right along with the economy, and sellers are hoping for even more favorable economic developments. The Forbes article actually went on to say that the San Antonio housing market was significantly over-valued, and is one of the country’s leaders in that department.
This certainly does not mean that buyers should avoid the San Antonio or New Braunfels areas because housing prices might be temporarily inflated. What it does mean is that the buyer should proceed with caution when investigating housing in these areas, because there is a possibility of overpaying for the value which is provided by any particular home. In virtually all cases, the housing market has a way of returning to fair value at some point in time – it’s just that predicting when that time will come is anyone’s guess.
New Braunfels housing outlook for 2018
The employment outlook for the San Antonio – New Braunfels area appears favorable for the coming year, which means unemployment should continue to drop, and incomes in the area should continue to rise. This being the case, the housing market should follow this trend, with demand for existing units and new home construction increasing. New jobs coming into the area for fields such as cybersecurity, biomed, and new media should put more funds in the hands of prospective buyers, and that should increase demand for housing. For the first half of next year at least, that should drive up the value of existing homes, and the prices for new construction in San Antonio and New Braunfels.