If you have a home in Frisco, you probably want the latest info on whether ALL THOSE GAINS are holding or if you are losing value. Here is some info that will help us figure this out.
Past 90 Days Sales sorted by Price Range
The best way to tell if your home is gaining in value or losing value is to see WHAT PRICE RANGES are most active. The peak of buyer activity is in the 400-500k range, with the 500-600k range coming in second. Coming in at 3rd place is 600-700k range.
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The next chart will tell you the HEALTH of each Price Range, by looking at Days On Market (DOM). Determine health by seeing which price ranges sell the quickest.
The DOM is the blue line, with the average Days on Market scale on the right side of the chart. By combining both data points, we can determine which price ranges are MOST HEALTHY and least healthy.
Price Range Health Report
It's RARE for homes to pop up in this price range, so we have to assume that if they do, it's because they are in super rough condition. The DOM activity here shows the varying conditions of these homes are treated by investors when they do hit the market. Super Healthy (Due to Scarcity)
40ish homes sold in this price range. These are mostly smaller starter homes and rough condition properties in need of repairs, updating, and upgrading. Buyers are desperate to own a home in Frisco, and this is where they enter the market. The high-demand homes in this price range go under contract in about 12 days. Very Healthy
PEAK market activity HERE. There is the saying that "there is safety in numbers", and this is indeed true here. In this grouping, buyers are MOST ACTIVE, which means your home values are safe and even climbing slightly based on this data. Almost 175 homes sold with 11 average days on market, values are holding strong. Very Healthy
This IS the difference in upscale suburbs, buyers are willing to pay much more to live here. So be confident that our current elevated interest rates are not going to dampen the party in this price range. About 160 homes sold with 13 average days on market. Very Healthy
IF YOU were a buyer in this price range, your average mortgage payment (with a 5.7% interest rate) would be around $3,584. Add in the property taxes of 8k per year and 200 dollars per month for home insurance and the Total Budget Payment is closer to $4,450. For 130 homes to be sold at an average days on market of 13 days, this represents the upper end of buyer demand with plenty of eligible purchasers chasing the home of their dreams. Your values are currently holding and ever so slightly increasing. Healthy
120 homes sold at an average days on market of 15 days... I'm VERY SURPRISED by this. The number of high-end buyers supporting these values that showed up and purchased homes? Wow. The data shows strength but the doom and gloom of the rising interest rates make me cautious to give this a rating of anything more than Stable (for now).
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Buyers are gobbling up about 30 homes per month in this price range. And right now there are about 60 homes on the market for sale. So desperate sellers are having to "fight it out" with competing houses to get their home sold. Expect a price war to show falling values. 90 homes sold over the past 90 days and 25 days on the market. There are currently enough buyers in the market to support values but the Higher Days On Market show that there is just too much inventory to feel that values are safe. Trending Towards Unhealthy
Above 900k is difficult to determine due to the unique attributes of the homes and limited sales data. Please contact me directly if you would like to know more about your home value in this price range. You may have to right arrangement of amenities that strikes a chord with buyers and be able to keep your recent value gains. Case by Case
So it's all about the interest rates Frisconians! You have gone to battle with the rising interest rates and MOST of your homes are keeping the huge value gains of the past couple of years. The articles of gloom and doom from across the county in your newsfeed are not about homes like yours, Texas is just better. Stay tuned here to keep in touch with how awesome Texas continues to be!
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