Port Aransas housing market: Q3 median price soars as new listings remain scarce

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Port Aransas Aerial Real Estate 2021

Port Aransas Real Estate Market Report - Q3 2021

Port Aransas Real Estate Market Report – Q3 2021

Port Aransas real estate agency logo

Port Aransas real estate agency logo

The median price of residential properties in Port Aransas was $ 635,000, up 41% from the previous year.

PORT ARANSAS, TEXAS, USA, October 18, 2021 /EINPresswire.com/ – The Port Aransas real estate market continued the same trends as in previous months, with higher median prices and a sharp drop in new listings compared to a year ago, according to Texas Realtors housing data for the third quarter.

The number of active listings fell 37.7% and closed sales fell 38.2% in the quarter. The median price for residential properties was $ 635,000, up 41.4% from $ 449,000 the year before. South Padre Island, Galveston and Rockport experience the same supply and demand scenario. However, median prices in Port Aransas continue to move at levels almost twice as high as those in coastal markets which currently sit in the mid-$ 300 mark.

“We’re seeing these record prices because inventory is tight and demand for a place on the island has never been higher,” said Keith McMullin, broker, Port Aransas Realty. “Mortgage rates are up from record lows, but still quite attractive, allowing buyers to obtain cheaper financing which, in turn, helps them target more expensive properties. ”

The Port Aransas Tourism Board and Chamber of Commerce report it has been a record summer. Most of the area’s restaurants, shops, hotels and RV parks had their best summer season. Traffic through the TxDOT ferry system supports these claims, with 1.78 million people using the ferries compared to 1.34 million last year. Port Aransas’ growing real estate market reflects the growing popularity of the island community.

“The history of our housing market is to be the go-to beach destination for families in major Texas metropolitan areas like Austin, Houston, Dallas and San Antonio. These cities are experiencing spectacular growth and this is what is driving our burgeoning vacation home market. More and more people are recognizing the investment opportunity associated with a great place to escape the big city life and share time with family, ”noted McMullin.

Despite the material and labor shortages linked to the pandemic, new construction on the island continues at a steady pace. Cinnamon Shore is struggling to meet demand in the 300-acre Cinnamon Shore South expansion. Dozens of specific and personalized homes are currently underway. Sunflower Beach recently began construction on the first Poolside Residence condominium with 21 luxury units. Work has started on the Palmilla Beach Oasis Pool Resort which is slated to open next year. These highlights are just a few of the many residential and commercial projects underway on Mustang Island. Additional data and trends on the Port Aransas real estate market.

About Port Aransas Realty
Founded in 1986, Port Aransas Realty has two locations and a team of 17 real estate professionals specializing in residential and commercial properties in the Port Aransas and Corpus Christi markets in Texas.

Keith mcmullin
Port Aransas real estate
+1 361-749-4000
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