If you have a home in McKinney, you want the latest info on whether you get to Keep Your Money from the last few years' upswing in home values. Here is the info that you need to know.
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 350-400k range.
The next chart will tell you the Health Report of each Price Range, by looking at Days On Market (DOM) to see which price ranges sold the quickest.
Not sure what your home would sell for in this market?
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. 20ish homes sold in 5-10 days on market (on average). Super Healthy (Due to Scarcity)
28 homes sold in this price range. These are mostly smaller starter homes and rough condition properties in need of repairs, updating, and upgrading. Desperate buyers are willing to compromise on condition and level of "move-in readiness" to own a home in McKinney. This is where these buyers enter the market, and they are putting these homes under contract within 13 days of them coming up for sale. Very Healthy
100ish homes sold in about 11 days on market. There are plenty of buyers in this price range but just not enough homes. Expect solid values to CLIMB in this price range. Demand dictates current and future values. 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 260 homes sold with 14 average days on market, values are holding strong. Very Healthy
***Wish you could sell your home WITHOUT daily showings?
Be confident that our current elevated interest rates are not going to dampen the party in this price range. About 210 homes sold in almost 14 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 $8,500 per year and $200 per month for home insurance and the Total Budget Payment is closer to $4,217. About 175 homes sold at an average of 16 days on the market, this represents the upper end of buyer demand with a steady supply of eligible purchasers chasing the home of their dreams. Very Healthy
100 homes sold at an average 15 days on market. There are 45 homes on the market right now with a median 57 days on market (so far). The homes in this price range look like they are going to maintain current values but IF inventory goes any higher (and demand stays the same), we may hit a "value plateau". Healthy (for now)
Almost 50 homes sold in the past 90 days and 17 days on the market. There are currently enough buyers & sellers in the market to support values but that could teeter-totter in the wrong direction and become unbalanced very easily. Could Easily Turn Unhealthy... Keep Watch for Changes.
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
It's all about how buyers are reacting to the higher interest rates McKinney! 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!