If you live in North Texas or are thinking about investing in a home in the area, there’s a good chance you know how hot the market is. Over the last several years Frisco and other cities in the area have experienced an unprecedented booming in the housing market, and there’s no chance of it slowing down anytime soon. At the end of April, home price gains continued as most of the country experienced low inventory. This is an important factor to keep in mind, as it is one of the main reasons why Frisco is witnessing such a competitive housing market. According to research firm CoreLogic, home prices rose 6.9 percent from April 2017 to April 2018, and there was an overall 1.2 percent gain from March to April this year.
These numbers are important for investors, homeowners, and potential buyers alike. During the first quarter of 2018, house prices rose in 31 out of the 42 world’s housing markets. House prices fell in just 10 countries. This indicates that Frisco is on pace – if not one step ahead – of other leading markets throughout the U.S. and the world. While it is true that Millennials have not been the leaders of home purchasing, however, in recent time studies have shown otherwise. Here at The Cheney Group, we are an experienced and talented team of realtors that know exactly where the market is headed.
How Values Increase
Over the last decade, home values in Frisco have increased by nearly 50 percent. There are numerous reasons for this, including the fact that many young families are coming back to Frisco because of opportunities within the community. We have seen a great deal of development in Frisco, Plano, and the surrounding areas over the last couple years, and this has brought hundreds of jobs to the community. This reason has created a high demand and a shortage of homes, as well as new construction sites, have failed to meet this new demand for housing.
At the end of 2017, Frisco was named the best real estate market in the United States, followed by four nearby North Texas suburbs. Frisco continues to out-build the rest of the country, with more than 10 percent of all homes in the city are new construction (built between 2010 and 2015). Frisco is also home to the highest number of building permits with almost 40 for every 1,000 residents.
Here at The Cheney Group, it is our duty to stay on top of market trends in order to advise you on when to buy, sell, and invest. The strong market in Frisco has caused a shortage in homes and it is imperative you stay one step ahead of the rest. By working with The Cheney Group, you will have an entire team of market experts in your corner, working around the clock to find you the home of your dreams. Contact us today to learn more about Frisco’s booming housing market.