Welcome to another addition of the Frisco Real Estate Market Update. This is for February 2023 and we have lots of new data for you.
The median existing-home price in Frisco for February 2023 decreased by 7.8% compared to the same period in 2022 to reach $575,000. Additionally, the median price for February 2023 declined by 7.7% compared to January of this year.
On the Market
The number of houses available for sale on the market has decreased to 175, which is 110.8% lower than at the same time last year. Moreover, there was a 9.79% decrease from January to February. With such low inventory levels, Frisco remains an extremely competitive real estate market.
Median Sales
The median sales of existing homes rose by 2.6% year-over-year, with 120 homes sold in February. Compared to January, home sales increased by 39.53%. The median days on the market for February were 27, which is 575.0% higher than the same time last year when it was just four days. This means selling a home in February takes 20 days less than in January.
Trends
Inventory on the market for January was again at a low of one month’s supply, which is still considered a sellers’ market. Pending sales decreased 33.8% year-over-year to 120 homes, while February pending sales were down 39.4% compared to January, with 94 homes pending. These figures suggest a negative outlook for existing home sales in the coming month.
