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Waco Homes For Sale - Value in Waco Homes for Sale

east city neighborhoods prices

If you are a mover and shaker looking for the next good real estate investment, check out Waco, TX. A little slower to recover than many cities, Waco seems to be on the rebound from the housing crash. That means there are deals to be made.

Foreclosures
According to HUD, the city website and real estate companies in Waco, the approximate median number of Waco homes for sale during the 2nd quarter of 2010 was over 800 with an additional 200 homes listed in foreclosure. That figure doesn’t count short sales or other alternatives to foreclosure. Adding large numbers of foreclosures to a housing market with plenty of listings means Waco is still a buyer’s market when it comes to buying or selling real estate.

Reasonable Prices
Average prices on Waco homes for sale dropped slightly from the previous quarter with the median selling price of $50,000. The average price per square foot was about $40. That number is an increase from the previous quarter. Considering the low sales prices for Waco homes, it is a perfect time for home owners to upgrade, for renters to buy and for investors to take on properties for rentals or to fix and resell.

Diversity
With a population of about 125,000, Waco’s roots trace back to Native American heritage with the original name of Huaco. From the time the city was founded in 1849 it has been a blend of racial and cultural diversity. Like most cities there are signs of urban decay in some neighborhoods. Unlike most cities, since the city’s beginning, Waco’s residents have unofficially divided the city into three “sides”. For the most part, the most desirable addresses are on the North Side representing a mix of culture and income. North Lake Waco, Mountainview and Brookview are all neighborhoods where Waco homes for sale bring the highest overall average prices.

The South Side is the area originally known as downtown Waco. About a quarter of the city’s population lives in South neighborhoods. In 1953 a tornado ripped through Waco causing significant damage to the South and East sides. Predominantly Hispanic or Latino, Baylor University is set in the heart of the South Side. Since the tornado, the area declined rapidly but in recent years the Baylor neighborhood has enjoyed significant renewal attracting young families interested in Waco homes for sale near the University.

The demographics in the East side of Waco consist primarily of African Americans. About 25% of the city’s population lives in East neighborhoods. This area also suffered from the devastation of the 1953 tornado. The city is working on restoration of many East side sectors. Waco homes for sale in the East will most likely increase in value due to the focus on renewal. The East side of Waco was once known as the center of African-American culture for the entire state of Texas. Housing values will most likely increase as the East part of the city draws residents back to up and coming neighborhoods.

Many homes for sale in Waco, TX still reflect depressed prices from the housing market crash. Those fortunate enough to get a good deal before homes regain value should have solid investments for the future.

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