Welcome to this month’s Frisco, Texas, real estate market report, presented by the Rene Burchell Realty Group. How have single-family home prices performed over the last three months, the third financial quarter of 2021? Frisco, Texas, is a popular destination for buyers, its quality of life, neighborhoods, and schools are some of the best in the state!
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A Look at Frisco Housing Stats
The average sale price for single-family homes in Frisco, Texas, ended the month of September 2021 at $550,000, up from $430,000 at this time one year ago.
There were 1,004 single-family homes sales during the third quarter of 2021, down from 1,220 sold during the third quarter of 2020. Over the third quarter, 400 homes priced between $500-749,000 sold, 350 homes in the $750,000 range sold, and 250 were sold for $751,000 and higher.
There were 300 homes sold last month, down from 347 sold during August, and down from 351 sold during July.
Total sales volume over the last three months is $649,888,227, well ahead of the $596,084,255 in volume done during the same time one year ago.
There is less than one month of inventory available to buyers in Frisco, Texas. Inventory of homes priced in the $500-749,000 ranges is down to less than a half month, there is also less than half of month of supply of homes in the $750,000 range, and just a little more than 0.6 months of inventory priced at $751,000 and up available.
Homes are on the market for less than 20 days before being sold. Single-family homes in Frisco priced in the $200-300,000 ranges were on the market for less than ten days before being sold, homes in the $300-500,000 range sold on average in 15 days or less, as did homes in the $500-700,000 price range, and homes priced at $751,000 and higher sold in approximately 21 days.
Over the last quarter, sellers averaged 101% of their asking price at closing. Breaking down the numbers a bit more we see that there is the most overbidding for homes priced in the $501-$750,000 price range as those homes were being bought for 105.9% of list price, homes in the $301-500,000 ranges sold at 104.9% of their asking price, and homes priced at $751,000 and above sold for 103.9% of list price.
What Does This Data Mean For Buyers
Buyers looking for homes in the town of Frisco, Texas, can expect to pay above the asking price for most homes. While some markets are softer and have less overbidding, homes priced at $500,000 and higher will be highly sought after.
Frisco is a preferred destination for people searching for the perfect home. Buyers should have financing in place and be prepared to act when a property is found. Time is still not a friend to buyers, as home prices are rising and will continue to do so as people from higher-tax states seek to relocate to the area.
What Does This Data Mean For Sellers
Now is a great time to sell if you own a home in Frisco, Texas. Homes priced in the $500,000 and higher range continue to be in strong demand. Homes are moving off the market almost as quickly as they get listed. The good news for sellers is that homes priced in the $300,000 range and higher are continuing to see homes sell for more than list price.
As interest rates stay low, and as families move from the restrictions of other states to the town of Frisco, sellers can expect these trends to continue. Home prices are climbing higher, and now may be a good time to cash in your investment and upgrade to a bigger space. If you have been thinking about selling your home, give us a call today and we can show you how we market and sell your home quickly!
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Frisco Homes for Sale
Here are the most recent home listings just added to the database in the average price range for Frisco. All homes here are priced at $550,000 or less.