Texas (KBTX) – For years, buying a home in Bryan-College Station meant bidding wars, sky-high offers and homes selling before the “for sale” sign even hit the yard. Now, that trend is reversing
New data shows home sales in Bryan-College Station dropped nearly 12% in June compared to last year, with only 349 homes sold. At the same time, the number of homes for sale has surged, up 26% year-over-year in June, and climbing to 30% above last year’s level by the end of July, according to Texas A&M housing research economist Yanling Mayer.
“College Station, in the last few months, we’ve seen a drastic jump in inventory,” Mayer said.
Mayer said homes sold in Bryan-College Station in July sat on the market for an average of 90 days.
“That means homes are taking longer to sell,” Mayer said. “That means prices are weakening.”
Mayer said the shift comes down to two factors happening at once: sales activity slowing down, and a wave of new sellers listing their homes at the same time.
Local realtor Jenn Bacak, with Coldwell Banker Apex, says she’s seeing the same trends play out with her own clients, and she doesn’t see it as bad news.
“I don’t want people to feel discouraged that this is an impossible market,” Bacak said. “It’s a balanced market.”
Bacak said after years of an extreme seller’s market fueled by the COVID-era housing boom, the shift means buyers finally have more options and negotiating power.
“It’s a great time to be a buyer because we have not had six months of inventory in years,” Bacak said. “So finally, buyers have houses to choose from.”
But not every buyer is feeling that relief equally. Bacak said Bryan-College Station’s young, college-driven population means entry-level buyers are often hit hardest by shifting market conditions.
“Because we have such a young population here, entry-level buyers are suffering the most right now in our current economic and market conditions,” Bacak said.
She said rising costs outside of the sale price itself are making it even harder for first-time buyers to get into a home.
“Two things that we’re not talking about enough for entry-level buyers is the rising cost of insurance and property taxes,” Bacak said.
Interest rates are also playing a role though she said the current rates aren’t as unusual as they might feel to buyers and sellers who bought homes during the pandemic
“Interest rates are a factor in that we were in an extreme seller’s market with bottomed out interest rates,” Bacak said. “Now we’re in a balanced market. And while we feel like interest rates are high historically, they’re average. So these are average interest rates. I don’t expect them to drop like we have seen before.”
Still, Bacak said many homeowners are hesitant to give up the low rates they locked in years ago.
“It’s hard for a seller to let go of that interest rate and move on,” Bacak said. “But life changes happen.”
For sellers, Bacak said success now depends on adjusting expectations and pricing homes according to current market conditions rather than the sky-high offers of years past.
Both experts agree the shift isn’t a sign of trouble for the local housing market. It’s simply a return to balance.
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