2020 was a surprisingly good year for real estate in the Bryan/College Station area. During a pandemic, BCS managed out outperform expectations set at the beginning of the year. If you want to see exactly how that happened, you can read my recent post about how the College Station real estate market outperformed expectations.
Well, the Bryan College Station Regional Association of Realtors finally rolled out their 2020 year in review of the performance of the market, looking at the following pieces of performance data: median price, number of active listings, number of closed sales, average days properties spent on the market, number of months of inventory, and average listing price breakdown across all properties.
If you’d like clarification on what each of these performance metrics mean, visit this blog post.
For the 2020 annual report, we will look at 4 of our target real estate area:
- Bryan TX
- College Station TX
- College Station-Bryan Metro
- Brazos County
2020 Bryan TX Housing Report
Bryan TX Housing Performance Overview
This year, the median home price in Bryan TX rose to a price of $201,375, a 2.2% change from 2019. Looking at active real estate listings, we had a total of 369 in 2020, a 5.4% increase compared to 2019 with a 23.9% increase in closed sales to a total of 1,209 this year. Housing supply statistics showed a 9 day increase of average days on the market from 2019 to 103 in 2020 and a 1.6 month decrease in number of months inventory to 2.8.
- Bryan TX Housing Median Price in 2020: $201,375
- Bryan TX Housing Median Price Change (vs. 2019): +2.2%
- Bryan TX Housing Active Listings in 2020: 369
- Bryan TX Housing Active Listings Change (vs. 2019): +5.4%
- Bryan TX Housing Closed Sales in 2020: 1,209
- Bryan TX Housing Closed Sales Change (vs. 2019): +23.9%
- Bryan TX Housing Avg. Days on Market in 2020: 103
- Bryan TX Housing Avg. Days on Market Change (vs. 2019): +9 Days
- Bryan TX Housing Months of Inventory in 2020: 2.8
- Bryan TX Housing Months of Inventory Change (vs. 2019): -1.6 Months
2020 College Station Housing Report
College Station Housing Performance Overview
This year, the median home price in College Station rose to a price of $245,000, a 4.7% change from 2019. Looking at active real estate listings, we had a total of 612 in 2020, a 14.6% decrease compared to 2019 with a 10.9% increase in closed sales to a total of 1,937 this year. Housing supply statistics showed a 4 day increase of average days on the market from 2019 to 109 in 2020 and a 1.5 month decrease in number of months inventory to 2.4.
- College Station Housing Median Price in 2020: $245,000
- College Station Housing Median Price Change (vs. 2019): +4.7%
- College Station Housing Active Listings in 2020: 612
- College Station Housing Active Listings Change (vs. 2019): –14.6%
- College Station Housing Closed Sales in 2020: 1,937
- College Station Housing Closed Sales Change (vs. 2019): +10.9%
- College Station Housing Avg. Days on Market in 2020: 109
- College Station Housing Avg. Days on Market Change (vs. 2019): +4 Days
- College Station Housing Months of Inventory in 2020: 2.4
- College Station Housing Months of Inventory Change (vs. 2019): -1.5 Months
2020 College Station-Bryan Combined Housing Report
College Station-Bryan Combined Housing Performance Overview
This year, the median home price in College Station-Bryan Combined rose to a price of $233,573, a 5% change from 2019. Looking at active real estate listings, we had a total of 1,299 in 2020, a 7% decrease compared to 2019 with a 21.3% increase in closed sales to a total of 4,116 this year. Housing supply statistics showed a 7 day increase of average days on the market from 2019 to 111 in 2020 and a 2.5 month decrease in number of months inventory to 2.8.
- College Station-Bryan Combined Housing Median Price in 2020: $233,573
- College Station-Bryan Combined Housing Median Price Change (vs. 2019): +5%
- College Station-Bryan Combined Housing Active Listings in 2020: 1,299
- College Station-Bryan Combined Housing Active Listings Change (vs. 2019): -7%
- College Station-Bryan Combined Housing Closed Sales in 2020: 4,116
- College Station-Bryan Combined Housing Closed Sales Change (vs. 2019): +21.3%
- College Station-Bryan Combined Housing Avg. Days on Market in 2020: 111
- College Station-Bryan Combined Housing Avg. Days on Market Change (vs. 2019): +7 Days
- College Station-Bryan Combined Housing Months of Inventory in 2020: 2.8
- College Station-Bryan Combined Housingd Months of Inventory Change (vs. 2019): -1.5 Months
2020 Brazos County Housing Report
Brazos County Housing Performance Overview
This year, the median home price in Brazos County rose to a price of $233,537, a +5% change from 2019. Looking at active real estate listings, we had a total of 1,29 in 2020, a 7% decrease compared to 2019 with a 21% increase in closed sales to a total of 4,116 this year. Housing supply statistics showed a -7 decrease of average days on the market from 2019 to 111 in 2020 and a 1.5 month decrease in number of months inventory to 2.8.
- Brazos County Housing Median Price in 2020: $233,573
- Brazos County Housing Median Price Change (vs. 2019): +5%
- Brazos County Housing Active Listings in 2020: 1,299
- Brazos County Housing Active Listings Change (vs. 2019): -7%
- Brazos County Housing Closed Sales in 2020: 4,116
- Brazos County Housing Closed Sales Change (vs. 2019): +21.3%
- Brazos County Housing Avg. Days on Market in 2020: 111
- Brazos County Housing Avg. Days on Market Change (vs. 2019): +7 Days
- Brazos County Housing Months of Inventory in 2020: 2.8
- Brazos County Housing Months of Inventory Change (vs. 2019): -1.5 Months
REAL ESTATE MARKET DATA POINT GLOSSARY
What is does “median price” mean in real estate?
A median price is the middle price point of all homes for sale in a specific location for a specific time frame. As an example if you had 99 homes priced between $300,000 to $500,000, the 55th home in that segment would be the “median price.” It’s different from the average or “mean” in that it’s not an average of all prices, but the price point at which 1/2 the home prices are higher, and 1/2 are lower.
The real estate industry uses the median to account for any homes that might sell extraordinarily high or low in a market. It gives a clearer picture of the overall price of the real estate in the area.
What is an “active listing” in real estate?
An active listing is any real estate property that is available on the market. Active listings can have offers submitted on them, but those offers have not yet been accepted, so it’s still available for other homebuyers to put in competing offers.
The number of active listings in a real estate market is an indication that new properties are entering the market while existing properties continue to be listed and sold. The higher the number of active listings, the more buying power homebuyers have.
What is a “closed sale” in real estate?
A closed sale means that the ownership of the property has actually transitioned to the new homeowners. Once a listed property goes under contract, that means that both the buyer and seller have committed to the transaction, but there are many additional steps involved until the property title and full ownership is actually transferred. A property can be listed as sold during the closing process before it has actually transferred ownership.
What does “days on market” mean in real estate?
The “days on market” metric in real estate statistics keeps track of the average number of days a property remains active on the market. This is an indication of how quickly homes are being sold. Typically, you’ll find good value homes in up and coming neighborhoods spend fewer days on the market than luxury properties. The lower “days on market” average, the more active your real estate market is.
What does “months of inventory” mean in real estate?
In real estate, “months of inventory” refers to the number of months active listings are available based on the number of sellers and buyers in the market. It’s calculated by diving the number of current active listings divided by the number of sold transactions the previous month. This statistic is also sometimes called the “supply.”
What does “listing price distribution” mean in real estate?
Listing price distribution is a metric that keeps tabs on how asking prices are divided up among key price points. Often you’ll see market prices broken down into 100,000 increments. This metric gives an overall view of the average asking prices for a segment of real estate in an area.
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