Frisco, Texas has experienced healthy booms in business, and therefore, in population. With recent expansion and job growth, the population has continued to increase, creating more of a demand on the local housing supply. With demand on the rise, prices are escalating, creating a situation in which standard housing needs are no longer affordable. So the houses that are available get snatched up rather quickly, and for a hefty price tag.
A Look at Housing Stats
The average home value in Frisco, Texas is around $395,201, with a common range being between $279,001 and $418,000. In general, houses in Frisco, Texas sell for around $147 per square foot. The most highly sought after houses are single-family, four bedroom homes built around the year 2,000 or later. Three bedroom houses are also in high demand. Real estate in Frisco, Texas is higher than it is in other highly populated areas in the same state.
What Does This Data Mean?
The business boom in Frisco, Texas shows no signs of slowing. The area’s continued population growth continues to put pressure on a housing market that’s struggling to keep up with demand. With this trend, prices will continue to rise and inventory will remain low as new houses hitting the market sell to buyers in waiting.
What does this mean if you’re selling a home in Frisco?
If you’re the current owner of a 3 or 4 bedroom single family home built after the year 2,000, you could be sitting on a gold mine. Even though the busiest selling season in real estate is now in the rear view mirror, autumn is still a great time to sell and the conditions are right to be able to sell quickly and for top dollar. However, it may be a wise idea to secure your next home before letting go of this one since good homes are hard to find in Frisco, Texas these days.
What does this mean if you’re buying a home in Frisco?
Although it’s never wise to make an impulse decision, the real estate market in Frisco, Texas is not about to allow you the luxury of time to ponder. If you’re actively in the market searching for a home to buy, you’d better be ready to take action aggressively when you find the house that’s right for you. Yours won’t be the only offer it receives. Prices may seem high now, but as the area continues to expand, prices will only continue to increase. So if you’re waiting to buy in the event that the market might shift and prices go down, you’re sadly mistaken. On the bright side, however, the buzz of the real estate season is hushing to a whisper and the amount of people out looking for houses now is much less than it was a few weeks ago, and much less than it will be come spring.
Conclusion
Frisco is on the rise and shows every indication of staying that way. New business growth created positive job growth, which in turn contributed to an overall expansion in population. That population expansion generated high demand in housing, which created a climate of high prices, low inventory, and a seller’s market where buyers have got to be ready to pounce.
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