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Market Stats

2017 Fort Hood Median Price

Median Price

The Fort Hood area median price climbed from $118,950 to $132,000 in 2017 (including foreclosure sales), a striking 11% growth. That was with slightly fewer sales than in 2016 with approximately 3137 total non-builder MLS sales. Every city in the Fort Hood area saw benefits, with median prices rising across the board, with incredible 21.9% growth in Copperas Cove, seeing its median price just eclipse Killeen.

  • Killeen – $116,000, 8.9%
  • Harker Heights – $189,900, 5.5%
  • Copperas Cove – $117,000, 21.9%
  • Nolanville – $151,875, 12.5%

 


Fort Hood Days on Market

Days on Market

Median days on market dropped slightly from 2016 to 78 days (from listing to closing), down from 86 in 2016. Foreclosures sell slightly more quickly.

 


Fort Hood Foreclosure Trends

Foreclosures

The Fort Hood area survived the Great Recession reasonably well versus other markets in America. But foreclosures as a percentage of the market were still considerable. Foreclosures fell slightly from 507 total sales in 2016 to 447 sales in 2017, for 14.2% of Fort Hood area sales, the lowest percentage of sales since 2009. This drop in foreclosures is partly responsible for the rising area prices. Even median foreclosure prices rose from $80,000 in 2016 to $90,000 in 2017.

The worst year for area foreclosures was 2013, with 497 foreclosure sales, but those comprised 23% of Fort Hood sales.

Foreclosures are a consistent feature of the Fort Hood market, even while growing, due to a variety of factors including the prevalence of the VA loan.


What percentage of Fort Hood homes sell?

Listing Result

60% of listings ended with a closing in 2017, an all-time high for the Fort Hood area through 2009 (2016 was 59%). 30% were withdrawn and 10% expired.

Some homes that withdrew or expired may have sold later in the year and may be counted multiple times.

Expired listings are those that go their full listing term without selling, usually 6 months. Expireds are at an all-time low after comprising 37% of listings in 2013 and 2011, with only 500 listings expiring in 2017.

Withdrawn listings are down from 31% of listings to 30%. Withdrawn listing include those that were pulled from the market because the home rented before it sold. Any other reason a seller pulls their home off the market prior to the expiration of the listing agreement results in a Withdrawn status.


Fort Hood Housing Market Seasonality

Seasonality

March is hot-hot-hot! This is a graph not of closings by month, but contracts by month. After all, the closing is a result of a contract, not the other way around. You want you home on the market when buyers are making offers, not closing on other peoples’ homes.

Another big question about Fort Hood are the military PCS and deployment cycles and how those impact the market. You can see there are a few outliers that might be explained by a military rotation – October of 2016 or April of 2017 were unusually hot months. But for the most part, the first six months of the year is when most of the action happens, and it’s probably not useful to worry too much about timing the season.


Fort Hood Area Duplexes

Duplexes

Like fourplexes, duplexes were impacted by the Great Recession, but not nearly as severely. That is because duplex owners are more likely to be owner-occupants, locals, or military investors who didn’t get caught with their pants down by the housing crash.

Duplex numbers have rebounded nicely, with a median price of $159,550 in 2017 and significantly more duplexes selling in 2017 than 2016, partly due to a significant uptick in builder duplex activity.


Fort Hood Area Fourplexes

Fourplexes

The Fourplex market had an excellent 2017, with the median sales price rising over $20,000, a 14% increase over 2016, to $184,700. From my own observation and experiences, most of that improvement took place with sales in the second half of 2017, suggesting the median price will be yet higher in 2018.

The fourplex market is fairly dramatic as the graph shows. 4/5 fourplexes in 2010 were foreclosures, with the median price bottoming out at $129,900 in 2011. That was due to the Great Recession. Many fourplex owners were out-of-state investors caught in firesales. Even though the Killeen market weathered the storm reasonably well, the fourplex market crashed. Those who could hold on did well, as rents were mostly unaffected. There have been no new fourplexes built since 2008.


Fort Hood vs. Inflation and Case-Shiller

Fort Hood has performed well versus inflation and kept up with the national home price trends since 2009, seeing it’s strongest growth in 2016 and 2017.

Fort Hood Area Inflation Case-Shiller Index
2.90% 1.69% 2.71%


fort-hood-months-inventory-by-price-range

Months Inventory by Price Point

One the whole, there are not any major inventory spikes or dips. And inventory for the entire three cities was a bullish 4.2 months – continuing to decline and point toward a more seller friendly market.

Entire Fort Hood Area Killeen Copperas Cove Harker Heights
Inventory (2/16/17) 4.2 3.6 5.2 5.3

Fort Hood Foreclosures by Type

Foreclosure Composition

Unique to the Fort Hood market is the tremendous number of VA foreclosures. In fact, over 60% of foreclosures in our market are VA foreclosures.


Sold at or above asking price

Sold at Full Asking Price or Better

A well priced and marketed home can get a full price offer in our market, and often does.  Of the 3438 homes that sold so far in 2016 on the Fort Hood MLS, 1212 (35%) sold at full price or higher.


Price_Distribution_2015

Geographic Price Distribution

Selling a home in 76542 priced around $200,000-$225,000?  Only 39 buyers in an entire year purchased in that range.  That is not even 4 a month.  While your home may justify the price, you will have to be realistic about how many buyers to expect any given month. It may take time.

Selling a home in 76549 priced between $75,000-$100,000?  There were 142 buyers in that range in the last year, or nearly 3 a week!  That’s more like it.  But that also means there are a lot of homes at that price range, too, and you will have to do more work to stand out or even get on the buyer’s top 10 list of homes to see.


Rent-Seasons-2015

# MLS Rentals by Month

May is the month with the most rentals listed in Fort Hood. – when the turnover starts kicking in.  Note that these #s are by the date listed, not leased.  Many rentals get listed in May once a tenant submits their 30 day notice, meaning the tenant actually moves probably in June.

Note -the vast majority of Fort Hood rentals are not reflected in these numbers as most property managers do not include them on the MLS.

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
58 58 65 76 94 85 75 59 73 70 61 61


rent-price-ranges

# Rentals by Price Range

For some reason, there is a dip in rentals in the $1000s in the Killeen area. There are lots of rentals in the $900s, and lots in the $1200s, but not as many in between. $900-$1200/mo rent should be your target rent range for buy-and-hold investors.


Fort Hood Owner Occupied vs. Vacant Homes Percentage

Sales By Occupancy Type

Most homes sold in the Fort Hood area are vacant (about 2/3ds).  Working with buyers, it is far easier to schedule and view vacant homes than coordinating showings with the listing agent and seller (or tenant).  Alarms, dogs, and messy homes are no fun.


home_sales_parabola

Tail Percentiles

For 2015 sales, the bottom 10% of home sales sold at $56k or less. The top 10% of home sales sold for $250,000 or more.

Often, if considering the resale quality of your home, you probably want to be between these two numbers.


Type of Financing Used by Fort Hood area Buyers, 2016

Type of Financing Used

By far, the VA loan is the most prevalent loan type, making up over half of the transactions in the area. The next closest method of payment was cash deals, comprising just 15.3% of the market.

VA Cash Conventional FHA Owner Financing Other Assumptions
1854 495 420 411 9 41 5


Average_Year_Homes_Built

Typical Year Home Was Built

But nevertheless, Killeen is a very “new” area.  It’s population in 2000 was a mere 80,000, and the subsequent War on Terror and dramatic expansion of US military forces and the Fort Hood installation swelled Killeen’s numbers to approximately 130,000 today.  That is more than a 50% growth in population in 15 years.  So it stands to reason that a lot of the housing may have been built since then.

The builders continue, and road work and commercial development continue to make Killeen a growing town.  It is likely for a while still, if you live in Killeen, you likely live in a “newer” home.


Market Updates and Articles

Everything You Need to Know About Fort Hood, TX Property Taxes

Everything You Need to Know About Fort Hood, TX Property Taxes

September 20, 2018

Information about Fort Hood / Killeen Area tax rates, tax assessors and municipalities, and how it affects your home expenses and mortgage.
The Fort Hood Real Estate Market in 2018

The Fort Hood Real Estate Market in 2018

January 30, 2018

Takeaways The Fort Hood market had a fantastic 2017, with median price growth of 11% over 2016. Median fourplex prices grew 14% over 2016 Foreclosures hit a new low at just over 14% of home sales Inventory is approximately 4 months, creeping closer to a seller’s market See 2016’s Synopsis I’ve defined the Fort Hood […]
August is Cold - The Seasons of the Fort Hood, TX Housing Market

August is Cold - The Seasons of the Fort Hood, TX Housing Market

September 12, 2017

No surprises - winter is the best time to buy, and summer is the best time to sell. A quick review of how many homes sold by month in 2017.
The Average Age of Fort Hood Homes

The Average Age of Fort Hood Homes

May 25, 2017

Data for each communities and area around Fort Hood, TX, and the median year homes were built / median age.
What Happened in Fort Hood's Housing Market in 2016?

What Happened in Fort Hood's Housing Market in 2016?

February 9, 2017

The median price point for Fort Hood and most areas rose modestly in 2016. But beneath that ho-hum uptick are some very favorable trend lines for area homeowners. Meanwhile, multi-family prices have most plateaued, for now.
Fort Hood Housing Market Update - 3rd Quarter, 2016

Fort Hood Housing Market Update - 3rd Quarter, 2016

October 15, 2016

A mixed report, not unexpected for a "neutral" housing market. There are good signs for each market. The general trends are still set. Harker Heights continues to be one of the top performing communities, and Killeen ain't nuthin' to sneeze at, either.
Fort Hood Housing Market Update - 2nd Quarter, 2016

Fort Hood Housing Market Update - 2nd Quarter, 2016

July 10, 2016

Takeaways Fort Hood inventory falls under 5 months, creeping toward a Seller’s Market The rebounding fourplex/duplex market has plateaued The Harker Heights housing market continues to be one of the best performing communities Housing Inventory Falls Under 5 Months The Fort Hood area behaves like a weak buyer’s market – sellers often pay closing costs, […]
Ranking the Best New Home Builders in Fort Hood, TX

Ranking the Best New Home Builders in Fort Hood, TX

June 18, 2016

Takeaways There is no way to “rank” builders – different builders and neighborhoods have different advantages depending on your needs. The best way to find a builder who will best suit you is with a local Realtor. The list below gives a basic starting point on narrowing down builders by quality, price and size The […]
What to Expect: Renting Out Your Killeen, TX Home

What to Expect: Renting Out Your Killeen, TX Home

June 10, 2016

Takeaways Killeen’s rental market has gotten a little softer Plan on only collecting about 70% of the total rent Homes that rent around $900-$1200 probably make the best rentals in our market 1/3 of Americans are renters. 2/3 of Fort Hood residents are renters. There are a few reasons for this, but the main one […]
You Lose $6,111 If Your Home Doesn't Sell In 1 Month

You Lose $6,111 If Your Home Doesn't Sell In 1 Month

May 29, 2016

Updated 5/28/16 Takeaways The longer on the market, the bigger the discount a home sells for. The listing price should be close to the fair market value to maximize your experience and profit “My home sold in two weeks.  Does that mean it was underpriced?” No. It probably means you did great. Homes are like […]
What Happened in the 2015 Fort Hood Housing Market?

What Happened in the 2015 Fort Hood Housing Market?

January 5, 2016

The final verdict is in on the Fort Hood real estate market in 2015 - trending upwards!
Where did all the Fort Hood area foreclosures go?

Where did all the Fort Hood area foreclosures go?

December 30, 2015

I was looking for a client in the SW side of Killeen for a client who wanted to stay in the Shoemaker High School district.  He wanted something newer but at a great price, so I of course thought “Bridgewood foreclosure”. Bridgewood Estates is a newer subdivision on the corner of Clear Creek and Stan […]

Niche Market Articles

The 10 Most

The 10 Most "Tree-full" Neighborhoods in Fort Hood

April 5, 2018

There has been a lot of building in the Fort Hood area in the last decade.  New neighborhood after new neighborhood has sprung up. These new subdivisions feature great homes (I live in one!) and are perfect fits for many home buyers. But most production builders have a nasty habit of doing away with most […]
Fort Hood Homes For Sale On the Market the Longest

Fort Hood Homes For Sale On the Market the Longest

March 21, 2018

The longest days on market for a home that successfully sold in 2017 was on the market for 966 days. Home types that often tend to take a long time to sell are luxury homes, fixer uppers, builder homes, short sales, tenant occupied, "make me move" owners and homes with title issues.
Fort Hood Fixer Upper Homes For Sale

Fort Hood Fixer Upper Homes For Sale

March 11, 2018

If you are looking for a fixer-upper, foreclosures are probably one of your best bets for a variety of reasons in the Fort Hood area. But foreclosures are low hanging fruit that attracts many investors and traditional buyers alike, and often have very little negotiating room on the price. Another option is finding a traditional […]
Fort Hood, TX Homes with a View For Sale

Fort Hood, TX Homes with a View For Sale

March 1, 2018

Skyline Mountain Located on the northwest side of Copperas Cove is Skyline Mountain, a long, steep, and narrow hill that offers some amazing valley views of Copperas Cove and the Texas Hill Country. Neighborhoods to consider are Skyline Estates, Mesa Verde, and the HOA neighborhood The Reserve at Skyline Mountain. Stillhouse Hollow Lake Stillhouse Hollow […]
Top 10 Neighborhoods For Move-Up Buyers in Fort Hood

Top 10 Neighborhoods For Move-Up Buyers in Fort Hood

February 11, 2018

Move up buyers are often looking for a little more in their home, often significantly above the area's median price point and larger square footage. These homes have upgrades like granite, stainless steel, and more landscaping.
Top 10 Neighborhoods for First Time Homebuyers in Fort Hood, TX

Top 10 Neighborhoods for First Time Homebuyers in Fort Hood, TX

February 1, 2018

Looking for a starter home, future rental, or on a tight budget? Consider these neighborhoods in the Fort Hood area. Starter homes are those that are at or under the median home price in the area, plus the basic 3+ bed, 2 bath and 2 car garage combo in the Fort Hood area.
Most Expensive Farms and Ranches For Sale near Fort Hood, TX

Most Expensive Farms and Ranches For Sale near Fort Hood, TX

January 15, 2018

Updated 1/15/18; Originally published 2/25/16 Get out your ATVs, drones, sunscreen, and boots.  We’re going to go look at Fort Hood, TX farms and ranches!  All the most expensive ones! I have defined a farm and ranch as anything with at least 10 acres. That’s a pretty broad definition, but a property like that should […]
Top 10 Neighborhoods for Country Living Near Fort Hood, TX

Top 10 Neighborhoods for Country Living Near Fort Hood, TX

June 16, 2017

Kempner, TX So many of these neighborhoods and areas are in Kempner, that I have featured them all right here – Cactus Creek, Cheyenne Mountain Estates, Chica Ranch, Live Oak Estates, Lomas Redondo, Moten Ranch Estates, Pecan Valley, River Place, and Wells Ranch. Cripple Creek Lampasas El Cerrito Place Copperas Cove Hidden Springs Salado Llewellyn Ranch […]
Top Waterfront Homes For Sale Near Fort Hood, TX

Top Waterfront Homes For Sale Near Fort Hood, TX

June 8, 2017

View the top waterfront, lake and river properties for sale in the Fort Hood area, located around Stillhouse Hollow Lake, Belton Lake and the Lampasas River
The Cheapest Builder Homes For Sale Near Fort Hood, TX

The Cheapest Builder Homes For Sale Near Fort Hood, TX

May 31, 2017

View most affordable new construction homes for sale in the Fort Hood area, including Killeen, Copperas Cove, Harker Heights and beyond.
Fort Hood's HUGEST Homes For Sale

Fort Hood's HUGEST Homes For Sale

May 23, 2017

Originally published 1/17/16, Updated 5/23/17 Everything is Bigger in Texas Fort Hood is one of America’s largest military bases in the world by both population and area. The post features big tanks, big guns and big helicopters. Everything is bigger in Texas. The area’s homes are no exception. The median home size in the Fort […]
Best Horse Ranches For Sale in the Fort Hood Area

Best Horse Ranches For Sale in the Fort Hood Area

February 28, 2017

Find the best horse-friendly ranches and homes for sale in the Fort Hood area, including the areas west in Lampasas, Briggs, Gatesville and beyond.
Brian E Adams, Realtor

Brian E Adams, Realtor, GRI
StarPointe Realty
1604 South W S Young Drive
Killeen, TX 76543
(512) 763-7912
brian@hoodhomesblog.com
Licensed in the State of Texas

 

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