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Economic indicator numbers show housing market on the rise

Posted at 7:51 PM, Jul 22, 2022
and last updated 2022-07-22 20:51:12-04

BRAZOS COUNTY, Texas — New economic indicator numbers showcase the rising quarterly housing market in the twin cities.

Many people are seeing housing market prices go up. Lenzy Prewitt, a Brazos County resident shares what she’s facing as she searches for her next home.

”I’m seeing a lot of things increasing like most of the one-bedrooms that are possibly available if you were looking are 800 and up, a lot of your cheaper apartments are taken,” said Prewitt.

Broker Bret Richards with Coleman and Patterson real-estate agrees.

”We know that housing has gone up for a couple of reasons, number one - new housing has gone up because the cost of supplies have gone up. You know it just costs more to build a new home right now than it did even one year or two years ago,” said Richards.

The Brazos Valley Economic Development Corporations recent indicator report shows that in over 18 months the median listing price index has increased 36 percent.

”You know that number was somewhere between $230 or $250 for the median house, if you were to go out and buy a house and now in June 2022 we’re talking about somewhere in the neighborhood of $350 or $360 that’s quite an increase over two years,” said Richards.

And according to their findings, some houses are selling for more than the listing price.

”Drastically changed at least 50 to 100 more, I know when I was looking ... there was more housing available. Honestly like now is like scrapping barel and trying to find a place,” said Prewitt.

Prewitt compares her housing search from a year ago today and she explains a major difference.

“It’s very stressful, I find myself being anxious and worried that I'm not going to be able to find another place and I'm going to be homeless,” said Prewitt.

Richards said being aligned with the proper professionals could be helpful in the search for your future home.