There’s a good chance you are aware of just how competitive the Frisco and North Texas housing market is, but did you know that home inventory is at a historic low? Not only are builders struggling to keep up with the demand for new housing and the number of people moving to the area, but there simply aren’t enough houses on the market for those interested in buying. According to a recent study conducted by Zillow, there are 9 percent fewer homes to choose from today than a year ago, and more than half are high-end expensive homes. Furthermore, home values across the United States rose an estimated 8 percent since March 2017, with the median home price coming in around $213,146. The U.S. median rent rose nearly 3 percent over the last year.
These numbers show the serious problems the U.S. housing market is facing right now, and Frisco is one of the most competitive. Unfortunately, the homes that are on the market right now are not very attractive to most buyers. Either they are too high-end, need a lot of work, or are in an undesirable neighborhood. Because of this limited inventory, the homes that are available are more rapidly appreciating. Zillow also noted that the total inventory for homes for sale across the U.S. fell 8.6 percent over the last year. Many potential home buyers are working with a low budget, and because the demand is so high, people are getting outpriced.
Housing Market Remains Competitive
Another reason for the shortage of homes available in Frisco and the rest of the U.S. right now is that the large millennial generation is coming into the age when they are ready to buy a home. While this generation hasn’t been as quick – or young – to buy as previous generations, now millennials in their early 30s are looking for homes to buy, and not having much luck.
Over the last several months we’ve taken a closer look at the Frisco housing market, discussing how hot and competitive the market is and the fact that Texas land costs are contributing to higher home prices. While we are seeing some new opportunities for potential buyers (such as Twelve Cowboys Way), the fact of the matter is that you need someone who understands the market on your side. At The Cheney Group, our Realtors are dedicated to staying on top of the latest market trends in order to ensure our clients are given the best opportunity to find the home of their dreams. We understand how frustrating it is to think you find the home of your dreams, only to lose it to another bidder right out from under your nose. Our team of experienced Frisco Realtors not only work together as a team, but tap our resources and network to ensure our clients are notified as soon as a house is about to hit the market. With how competitive things are in Frisco right now, this is the only way you will find what you are looking for! To learn more about the Frisco housing market or Dallas real estate, please contact The Cheney Group today.