The wealthy city of Frisco, Texas is growing rapidly as house prices and the population are increasing. It is expected that this trend will continue, as the median listed house price in Frisco is in excess of $400,000, even at a time when many other real estate markets are declining or are static.
Frisco has seen the population steadily increase for a decade, so perhaps it is no real surprise that house prices are still increasing. A review from California-based real estate analytics tracker, Altos Research was published earlier this month and shows the median home list price for Frisco homes is currently standing at $409,900. This is an increase of approximately $80,000 compared to July last year, showing a 20% increase in the list price value year on year.
These increases in house prices show no signs of declining or slowing down, and according to the Altos report “The market continues to get hotter. More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices. Current supply and demand levels show no sign of prices changing from the current trend.” Although prices briefly dipped to below $400,000 in June, they are now continuing on their upward trajectory.
The average Frisco home is now spending just 83 days on the market, showing buyer demand is high in an area with decreasing inventory. There are only 725 properties on the market in a city of more than 130,000 so it’s very much a seller’s market and is predicted to remain so for the foreseeable future.
Homes in lower price brackets are selling even more quickly, as those priced at $229,900 are on the market for an average of only 45 days. Properties priced at $355,990 spend an average of 51 days on the market, while homes priced at $474,900 on the market for approximately 83 days which is right on the overall average. More expensive homes that are priced at $774,900 take a little longer to sell at 150 days on the market.
Inventory levels have increased slightly over the last few weeks, but this doesn’t necessarily indicate an end to a seller’s market. Frisco is rapidly growing and is still being developed, and many contractors are working round-the-clock to try to get new homes ready for the market.
DD Flynn, VP of Marketing with Prudential Texas Properties had this to say about the market in Frisco: “Frisco is one of the hottest markets in the Dallas area, and the skyrocketing tourism numbers seen here recently along with the population increase only signal that every financial facet of the city has room for extended growth. Simply put, Frisco is a great place to invest, and also a great place to live.”