Waco, Texas, nestled between Dallas and Austin, boasts a rich history dating back to its founding in 1849. It flourished as a cotton and cattle hub and is now known for its educational institutions, including Baylor University. The city's culture is a vibrant blend of Southern charm and modern innovation, showcased in its thriving arts scene, diverse culinary offerings, and notable landmarks like the Magnolia Market and the Texas Ranger Hall of Fame. Waco's significance surged with the revitalization of downtown and the burgeoning real estate market, making it a dynamic and attractive place to live and invest.
The Waco housing market is relatively relaxed. Last month, the median home sale price in Waco was $280K, reflecting a 3.1% decrease from the previous year. However, the median sale price per square foot has risen by 5.9% over the same period, reaching $180.
Median Sale Price
Median Sale Price per Sq. Ft.
Total Homes Sold
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Single-family homes are the most common property type in Waco, offering a variety of styles from historic houses in established neighborhoods to modern builds in newer developments. These homes typically come with private yards, providing ample space for families.
Condos in Waco are a popular choice for those seeking low-maintenance living. They often come with amenities such as pools, gyms, and shared common areas. Condos are ideal for young professionals, retirees, or anyone looking for a community-oriented living environment.
Townhouses provide a middle ground between single-family homes and condos. They typically have multiple floors, offering more space than a condo while requiring less maintenance than a single-family home. Townhouses often come with small private yards and shared walls with neighbors.
Duplexes and multi-family homes are great for investors or those looking to generate rental income. These properties have multiple units within one building, allowing owners to live in one unit and rent out the others.
Ranch-style homes are prevalent in Waco, reflecting the area's rural and suburban mix. These single-story homes often come with larger plots of land, making them suitable for those who enjoy outdoor space and a bit of seclusion.
Commercial properties in Waco encompass a diverse range of options, including office spaces, retail storefronts, industrial warehouses, and mixed-use developments. These properties cater to various business needs and industries, benefiting from Waco's strategic location, growing economy, and supportive business environment. The downtown area, in particular, has seen significant revitalization, making it an attractive spot for new businesses and investments.
Here are some questions our clients are asking us.
In June 2024, Waco home prices saw a 3.1% decline compared to the previous year, with a median sale price of $280K. Homes in Waco now typically sell after 34 days on the market, slightly quicker than the 35 days observed last year. The number of homes sold also decreased, with 140 sales in June 2024 compared to 166 in June 2023. This indicates a cooling trend in the market, with fewer transactions and slightly faster sales times despite the price drop.
Waco's housing market is not highly competitive, with homes typically selling in about 65.5 days. Multiple offers are uncommon. On average, homes sell for approximately 5% below the list price and go pending in around 66 days. However, hot properties can sell for close to the list price and go pending in approximately 32 days.
Waco presents a promising opportunity for real estate investment. The city's growing economy, driven by a blend of education, healthcare, and tourism sectors, provides a stable foundation. Waco's affordability, compared to larger Texas cities, and its revitalized downtown area make it attractive to both residents and investors. The presence of Baylor University adds to the demand for rental properties, while ongoing developments and cultural attractions, such as the Magnolia Market, continue to draw visitors and new residents. Despite a recent cooling in the market, these factors contribute to Waco's potential as a sound investment location.
Property taxes in Waco, TX, typically range between 2.2% and 2.7% of the assessed property value, depending on the specific location within the city and the applicable tax jurisdictions. It's essential for prospective homeowners to factor in these costs when budgeting for a home purchase.
Waco offers a diverse range of housing options, from historic homes in established neighborhoods to modern new-builds in developing areas. Buyers can find single-family homes, townhouses, and apartments. Additionally, the market features a mix of styles, including ranch-style, contemporary, and traditional homes, catering to various tastes and budgets.
Yes, there are several first-time homebuyer programs available to residents of Waco, TX. The Texas State Affordable Housing Corporation (TSAHC) offers down payment assistance and mortgage credit certificates. Additionally, the City of Waco provides homebuyer assistance programs, including grants and low-interest loans, to help with down payments and closing costs. Prospective buyers should explore these options to see which programs they qualify for and how they can benefit from them.
Looking for your dream home in Waco, TX? Or have any questions about the property market here? Don't navigate this journey alone! The Truss Team is here to guide you every step of the way. With our deep knowledge of the Waco real estate market and our commitment to personalized service, we're dedicated to helping you find the perfect property that meets all your needs.
Welcome to your gateway to Waco, TX – a city of hidden gems and vibrant communities waiting to be explored. We encourage you to explore our Waco neighborhood guide, your essential companion for discovering everything this wonderful city has to offer. From the historic landmarks to the cozy coffee shops, from bustling markets to serene parks, our guide covers it all!
Cate is a dynamic, performance-driven, goal-oriented professional with 10+ years of experience in the areas of leadership, sales, marketing and real estate. Allison, being raised in the Real Estate business is what gives her the passion behind what she does.
