When it comes to real estate, north of Dallas in Collin & Denton Counties, has become the place to be. According to WalletHub’s list of Best Places to be a First Time Homebuyer, Frisco, McKinney & Allen ranked 7, 8, and 16 out of 300 cities across the U.S. They also ranked McKinney as the No. 1 market in the country, with Frisco and Allen following close at No. 2 and No. 8, respectively. Median home prices in Frisco currently stand at $380,000 while McKinney & Allen are both at $330,000, according to Collin County Association of Realtors.
Has the market cooled off? Well there has been recent evidence that things have relaxed just a bit. CCAR reports that houses are staying on the market longer compared to this time last year. Also, the percentage of asking price received is down 1.13 percent. However, the accelerated influx of people moving here with Toyota and other companies opening its doors last year caused a spike. While some of these numbers have changed, our market is still very strong and among the best in the country!
Is it a good time to buy a new home? YES, the sooner the better! With inventory up and slight shift in market, buyers will have more advantage then this time last year. Rates are still mid 4’s depending on the normal credit and down payment factors. 4.75 is definitely still out there too. Rates are on the rise and projected to continue to rise for the foreseeable future. That 400k home at 4.5 will be a lot more expensive at 5.5. Values have finally leveled out but are not expected to go down in our area. We are still priced well below most major cities.
For a complete list of North Texas Counties and their statistics, click on link below.