Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Gregg County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $236,805 | $248,418 | $242,182 |
| Price Trend (Annual %) | 5.4% | 9.9% | 8.2% |
| Median Gross Rent | $1,071 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 4.6% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Gregg County is about 5% lower than in Texas. Rent is about 20% lower than the Texas average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Gregg County, up about 5.4% and 4.6% a year respectively. Home prices are changing faster.
Median rent in Gregg County rose about 39.1% between 2015 and 2023, from $770 to $1,071. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in Gregg County.
Buying the median-priced home in Gregg County costs roughly 18.4 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Gregg County. The price-to-rent ratio in Texas is about 15.5.
| Metric | Gregg County | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $236,805 | $248,418 | $242,182 |
| Median Household Income | $65,957 | $76,510 | $78,145 |
| Price-to-Income Ratio | 3.6 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Gregg County rose about 32.0%, while median household income rose about 53.9% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Gregg County | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 52.5% | 56.5% | 58.2% |
| Rental Rate | 35.8% | 33.8% | 31.3% |
| Vacancy Rate | 11.7% | 9.6% | 10.6% |
| Median Tenure (years) | 14.0 | 14.0 | 15.0 |
| Median Year Moved In | 2012 | 2012 | 2011 |
Gregg County has a homeownership rate of 52.5%, lower than the Texas average of 56.5%. Its housing vacancy rate is 11.7%, compared with 9.6% in Texas.
Housing Stock
| Metric | Gregg County | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.54 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1981 | 1989 | 1978 |
| Median Number of Rooms | 5.4 | 5.4 | 5.5 |
The typical housing unit in Gregg County was built around 1981. On average, 2.5 people live in a home with about 5.4 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Gregg County, Texas.
What is the median home price in Gregg County, Texas?
The median home price in Gregg County, Texas is $236,805, lower than the Texas average of $248,418.
What is the average home price in Gregg County, Texas?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Gregg County, Texas?
The median gross rent in Gregg County, Texas is $1,071 per month, lower than the Texas average of $1,338.
What was the median gross rent in Gregg County in 2020?
In 2020, the median gross rent in Gregg County, Texas was $871 per month.
What is the price-to-rent ratio in Gregg County, Texas?
The price-to-rent ratio in Gregg County, Texas is about 18.4, meaning it would take roughly 18.4 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Gregg County.
Are home prices or rent rising faster in Gregg County, Texas?
Both home prices and rent are rising in Gregg County, up about 5.4% and 4.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Gregg County, Texas?
52.5% of households in Gregg County, Texas own their home, lower than the Texas average of 56.5%.
What is the vacancy rate in Gregg County, Texas?
The housing vacancy rate in Gregg County, Texas is 11.7%, higher than the Texas average of 9.6%.