Waco, Texas Housing Market

What stands out in Waco?

• Homes for sale are 126% above 2017–2019: among the biggest inventory build-ups since 2017–2019 of 765 tracked cities. Buyers have far more choice than before the pandemic.
• The median household earns $52,153 a year: among the lowest incomes of 765 tracked cities. Rents are capped by what local households earn.
• Against its own 2017–2019, Waco leans further toward buyers than most tracked cities: among the strongest buyers’ markets against their own normal of 765 tracked cities. Buyers have unusual room right now.

How much more is for sale in Waco than before the pandemic?

There are 837 homes for sale in Waco, 126% more than in 2017–2019 at this time of year. That count is up 7% on last year, with 170 new listings this month. The build-up is biggest in 76701 (15 for sale, 329% above its 2017–2019 level) and 76711 (38 for sale, 245% above its 2017–2019 level). More choice means you can walk away from any home priced for the market of three years ago.

How much can you negotiate in Waco?

For every 100 homes still for sale, 24 are under contract. In 2017–2019 at this time of year it was 53. The rest are still waiting for a buyer. About 1 in 5 sellers has already dropped their price. Each one has learned their first price was too high. Start your offer below their new price.

The typical Waco listing has been on the market 80 days. That is 14% shorter than a year ago. There are 837 homes for sale in Waco. That is 8.2 times the tightest month on record, but below the peak of 869. Supply is growing against last year.

What to do about it

• Start in 76707, 76710, and 76711, the softest ZIP codes in Waco: in 76707, 20% of sellers have cut and the typical listing has been up 94 days.
• Filter for listings older than 90 days with a price cut, and offer below the reduced price.
• Keep your inspection and financing contingencies.

How does Waco compare with other Texas markets?

Ranked among the 77 Texas markets we track:

• Asking price: 12th cheapest of 77. Waco is at $256,243. Closest: San Antonio and Brownsville.
• Buyer competition: 15th least competitive of 67. Waco is at 0.24 buyers per home. Closest: Carrollton and Victoria.
• Time on market: 12th longest time on market of 77. Waco is at a median of 80 days on market. Closest: Pharr and Kyle.
• Price cuts: 18th fewest price cuts of 77. Waco is at 19% of sellers cutting. Closest: Killeen and Amarillo.

Who will rent from you in Waco?

In Waco, 48 out of every 100 households rent. That is nearly half. The renter share is shrinking. Five years ago it was 50 in 100. Renter households average 2.4 people. Two and three bedrooms fit the typical renter.

Households grew 5% in five years. The housing stock grew 6%. The two are moving in step. 12.6% of homes sit empty. Tenants have options. Budget extra weeks of vacancy between leases.

The median Waco household earns $52,153 a year. Incomes here have grown 5.1% a year since 2019. Incomes and home prices are rising in step. A typical home costs 4.9 times the median income. That is the national middle. Neither cash flow nor appreciation is free here. At 30% of income, a tenant on the median income can pay about $1,304 a month.

To see what one Waco address would rent for and cash flow, run it through the app.

When do Waco prices dip?

Across 9 full years, Waco asking prices ran lowest in January, about 8.1% below the year's average. They peaked in June. The most homes for sale show up in November, about 13% above the yearly average. Shop in November for choice, and expect the softest asking prices in January.

What numbers should you underwrite a Waco deal with?

• Price growth to assume — +4.9%/yr. Waco grew 7.8% a year over the decade. Ignore that rate. Most of it landed in the 2020 and 2021 boom. Without the boom, Waco grows about 4.9% a year. That is the number to type in. Prices fell 1.0% over the last year. Use it for timing. The five-year rate is the better guide.
• Months of carrying cost — 3. Budget at least 80 days of holding costs, the current median listing age, when you exit or refinance.
• Competition when you exit — +7%. Homes for sale in Waco are up 7% on last year, so your resale faces more competition than today's comps did.

Read what days on market tells you about leverage and how we read these numbers, then run the numbers on a deal.

What is the median home price in Waco?

The median asking price in Waco is about $256,000 as of Sep 2026, down 4.5% from a year ago. This is the asking price on homes listed for sale. Sites that report sold prices or estimated home values will show a different number. Our Waco figures cover the 15 ZIP codes with a Waco mailing address, which can reach past city limits.

Is Waco a buyer's or seller's market in 2026?

Buyers have more room in Waco than usual. We compare Waco with 2017–2019 at this time of year: there are 126% more homes for sale; there are 24 pending sales per 100 listings, against 53 then; the typical listing has been up 43% more days.

Are Waco home prices going up or down?

The median asking price is 13.6% below its Jul 2024 peak. Per square foot the gap is smaller: 4.2% below the May 2025 high. Part of the drop is smaller homes coming to market. Prices stopped falling about a year ago. They are flat now. Waiting will not get you a cheaper house. It might still get you a more motivated seller.

Which Waco ZIP code has the most negotiating room?

76707. Only 22 homes under contract for every 100 still for sale. 20% of sellers there have cut their price, and the typical listing has been up 94 days.

What is the fair market rent in Waco?

HUD's fiscal year 2026 fair market rent for McLennan County is $1,240 a month for 2 bedrooms and $1,599 for 3 bedrooms. The figures include tenant-paid utilities and cover the whole county.