Real estate in Bell County has seen an estimated total market value increase of $2.62 billion this year, according to the Billy White, chief appraiser for the Appraisal District of Bell County.
The total market value of real estate in the county is now worth an estimated $53.69 billion compared to $51.07 billion last year. White said all numbers for the current year are estimates; final values will not be certified until July.
New construction played a significant role in the increase of total market value in the county. The area added 3,508 new homes with an average value of $362,314 per home. That accounts for a $1.27 billion increase to the county’s real estate value.
There was also a slight growth to preexisting home values. The average value of non-rural homes without acreage climbed from $260,907 in 2023 to $266,508 this year for an increase of $5,601.
The average taxable value of homes in the county is currently $203,070, which is the same as it was last year. That number may change later in the year though. Tax levies are not set until local organizations such as municipalities, counties and school districts decide their budget and adopt rates. That process usually occurs in August or September.
Home prices in Killeen remain well below the state and national averages. The U.S. Census Bureau and Department of Housing and Urban Development reported that the average value of new homes nationwide was $433,500 in April. New homes in Bell County are worth on average $71,186 less than that.
The disparity grows when taking into account the price of already existing homes. The average home price of all homes nationwide was $495,100, while the average home price in the state of Texas was $348,000. That means Bell County homes are worth $228,592 less than the national price on average and $81,492 less than the average in Texas. With homes in Killeen only being worth, on average, $227,730, they are worth $267,370 less than the nationwide average and $120,270 less than the average value in Texas.
With that large of a disparity between national, state and local prices, Bell County, and specifically Killeen, continues to be one of the cheaper housing markets in the United States.
