76704
Waco, Texas

The 76704 ZIP code shows a median sale price of $170,000 as of February 2026, representing an extraordinary 73.5% year-over-year increase that signals either institutional buying pressure or severely constrained inventory. Homes move in 55 days on average, a moderate pace that suggests demand hasn't reached fever pitch despite the price surge. The fact that only 23% of sales close above asking price indicates bidding wars remain selective rather than widespread, creating pockets of negotiation leverage.

This environment punishes unprepared buyers but rewards cash investors who can close quickly on the 77% of properties selling at or below list price. Sellers with move-in ready properties can capitalize on the 73.5% appreciation, though the 55-day marketing period means pricing discipline still matters. First-time buyers face significant headwinds from the price acceleration, requiring 20% larger down payments than twelve months ago while competing against the minority who can exceed list price.

The PropIQ score of 66 signals caution, suggesting the 73.5% price surge has outpaced fundamental support and correction risk is elevated. Watch for days-on-market extension beyond 60 days or the above-list percentage dropping below 20% as leading indicators of momentum loss. The current data reflects a market transitioning from rapid appreciation to potential stabilization, making entry timing critical for the next six months.