Report: Median Bell County Home Price Now $211,036

Rapid growth in Central Texas is affecting the local real estate market as the median home price in Bell County rose 22% since last year — higher than the national average.

A new report says the median home price in Bell County is now $211,036 — the result of a booming market thriving as more people move to Central Texas. Bell County, the 33rd fastest-growing county in Texas, grew by 17% from 2010 to 2019, adding more than 52,000 residents, according to 2020 Census figures.

The county’s 2021 population is 377,978, Census figures show.

Porch.com research shows the demand for residential real estate increased early during the pandemic as living and working space took on greater importance for remote workers.

“Government stimulus in response to COVID-19’s economic effects, low mortgage interest rates, and high savings rates and investment returns have given more households the financial means to enter the real estate market,” Porch.com said in the report.

However, many owners are hesitant to sell and shop for new homes as supply and building material shortages have affected some new home construction.

“The forces of high demand and limited supply have produced dramatic price increases in the housing market since the start of the pandemic,” the report said. “While prices had been climbing steadily since the end of the last recession, the rate of growth has been much higher since the beginning of 2020. Home prices have risen by more than 20% over that period, with the typical home price in the U.S. crossing over $300,000 for the first time in history, according to data from Zillow.”

A data analysis by Porch.com found that Bell County home prices increased at a higher rate than the national average. U.S. median home prices increased nearly 18% over the same period.

Porch.com said in its report that the Bell median household income is $54,560.

The housing demand has led to higher property valuations in Bell County.

“Property values in Bell County correlate directly to the real estate market,” Billy White, chief appraiser at the Tax Appraisal District of Bell County, told the Telegram earlier this year. “The job of the appraisal district is to mirror what is happening in the real estate market.”

The Temple-Belton Board of Realtors said the median Bell County home price in April 2021 was slightly higher — $215,000.

The Board of Realtors said in April the median home price was up 19% over the median price of $179,900 in April 2020.

Temple, Belton, Killeen and Harker Heights also have seen home price increases while Salado home prices dropped slightly, the organization said.

Porch.com said in its report that the pandemic led people to reconsider where they live and work, which will have its own effects on housing markets across the country.

Homebuyers who prioritize affordability are looking at the South and the Midwest, including Texas, where local laws and ordinances affect how easy it is to build homes, the report said.

In the Killeen-Temple metropolitan area, 36.2% of existing housing units were built since the year 2000, compared to 1.9% built prior to 1940, Porch.com said. Overall, the median age of area homes is 27 years.

Out of all midsize U.S. metropolitan areas, the Killeen-Temple area has the ninth newest homes in the country, Porch.com said.