Although total homes sold decreased year over year in January, the city’s median sales price rose 26.83% to $351,690. In January 2021, a total of 151 homes sold compared to 120 sold in January 2022.
Easton Smith, a real estate salesperson with Keller Williams Realty, said the rising prices and lack of availability have contributed to a significant shift in housing options in the city.
“The sales-to-rent market inverted this week for the first time in 40 years,” Smith said during a Feb. 14 New Braunfels City Council meeting. “That means there are more houses on the market to rent than there are for sale under $500,000.”
As of Feb. 10 there were 52 homes available for rent under $500,000 and 42 homes available for sale in the same price range, he said.
Of the homes available for rent, Smith said 26 cost over $2,000 per month and 26 cost less than $2,000 per month.
“It takes $72,000 of annual income to qualify for a $2,000 a month rent,” he said. “The median income for New Braunfels is $71,044, so the average person currently doesn’t qualify for the $2,000 a month rent.”
Multiple housing developments are under construction or anticipated to begin construction soon in New Braunfels, many of which will include both rental and for-purchase properties.
