According to a recent report, Texas home sales are at an all-time high and have increased by 7 percent overall. It should be noted that while home prices are continuing to rise, so is the demand. Throughout the second quarter of 2015, home sales remained strong and in demand throughout North Texas and many other areas of the state. While many have anticipated that lower oil prices will impact home sales, we have yet to truly see this take place. In fact, Texas home sales are stronger than they were at this time last year, which is when oil prices were around $100 a barrel. This is yet another indication of how strong and in demand Texas real estate is.
Sure, some areas of the state have experienced little to no change in home prices, but generally speaking, we are seeing the opposite take place. This is extremely good news for those interested in selling their home here or moving to our area, as homes will continue to go up in value over the years. As you may have noticed in our past blog posts, we think it is important to stay up-to-date with the latest happenings in regards to the North Texas real estate market. In doing so, we are able to provide you with solid advice and information when it comes to buying or selling a home in Little Elm, Plano, Frisco, or elsewhere in North Texas.
What Does This Mean for Me?
Wondering what the rising home prices mean for you? For starters, it is important to look at this as a positive thing. High home prices are one of the main indications that an area has a strong economy and is a good place to settle down. Think about it – all the best cities in the world are somewhat expensive to live in, but for a reason. North Texas is booming right now, with everything from luxurious developments getting built to the Dallas Cowboys’ impressive new headquarters moving into Frisco. All this points to a successful future for the area, which is why many people are buying houses now – while the gettin’s good.
Let’s take a look at the stats real quick: In August 2015, 29,685 homes were sold throughout Texas, which is almost 2,000 more than a year ago. Also that month, the average median price of a home in Texas was $203,300 compared with $189,300 in 2014. While these numbers are some of the highest they have ever been, they are a bit lower than they were in July of this year and last year. According to industry experts, this is normal.
So, for those thinking about buying a home in North Texas but turned off by the high prices, it may be time to reconsider. Looking at market trends, we don’t expect home prices to go down much at all, especially if the area continues to see new construction and an influx of big businesses. From developments like Wade Park, Legacy West, Shops at The Legacy, and Frisco Station, North Texas is making a name for itself as the place to be. Many of the developments under construction right now are extremely forward-thinking and cater to young professionals who are looking for a balance of work, life, and play. If you are interested in buying or selling a home in Frisco or elsewhere in North Texas right now, please do not hesitate to contact The Cheney Group.