Market Trends for Cameron County Tax appraisal district Residential Property:

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Market Trends for Cameron County Tax appraisal district Residential Property:

Cameron County’s residential property market has seen steady growth, driven by rising property values, population increases, and economic expansion. Higher taxable assessments have contributed to increased tax revenues, supporting local services and infrastructure. However, affordability challenges and rising mortgage rates could slow appreciation, extend listing times, and reduce sales activity. While demand remains strong, economic shifts and interest rate fluctuations will influence future market trends.

Impact of Rising Interest Rates on Cameron County Property:

  • The appraised taxable property value grew from $18.31 billion (2013) to $25.97 billion (2022). However, as mortgage costs rise, affordability declines, potentially slowing future appreciation.
  • The taxable assessed value increased from $17.47 billion (2013) to $21.37 billion (2022). If property value growth stagnates due to higher borrowing costs, assessments could stabilize or decline.
  • The total direct tax rate rose from 0.364291 (2013) to 0.436893 (2022), balancing revenue needs with rising property values. Future rate hikes may prompt local governments to reassess taxation strategies if sales slow.
  • While Cameron County’s real estate market has shown resilience through economic cycles, sustained interest rate increases could lead to longer listing times, fewer transactions, and reduced new developments.
  • Higher mortgage rates make homeownership less attainable, which may dampen both residential and commercial property demand. This slowdown could impact overall market expansion and tax revenue generation.

Rising interest rates are reshaping Cameron County’s property market, influencing values, taxable assessments, and overall market activity. While past trends indicate steady growth, increasing borrowing costs could slow appreciation and affect future tax revenues.

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Cameron County Economic and Housing Market Overview

  • population rose by 0.99%, from 421,017 (2021) to 425,208 (2022), while the civilian labor force expanded by 7.67%, signaling improved job opportunities.
  • Total employment increased 8.99%, and the unemployment rate dropped from 7% to 5.9%, reflecting economic resilience. Manufacturing jobs surged by 23.73%, driving further demand for housing.
  • Taxable property values climbed 11.55%, from $19.4 billion to $21.65 billion, indicating a thriving real estate market.
  • Cross-border trade and travel surged, with international bridge crossings up 31% and airline boardings nearly doubling (+96.65%), enhancing economic mobility and business activity.
  • Despite economic growth, Cameron County’s per capita income remains significantly below state and national averages ($19,371 vs. $34,255 in Texas and $37,638 in the U.S.). This gap may limit housing affordability and long-term market stability.

Cameron County’s economy and housing market continue to expand, fueled by population growth, a stronger job market, and increasing property values. However, challenges such as lower per capita income may influence long-term housing affordability.

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