In Frisco’s real estate market this October, you’ll notice some interesting trends. Home prices are going up, which is great news if you’re a seller, but buyers should be prepared for a competitive market. However, with the challenge in buying a home in Frisco, there are some unique factors at play. So, it’s important to stay informed to make the best real estate decisions.
Home Prices on the Rise
In October, the typical home in Frisco had an average price of $680,000, a 13.3% increase compared to last year. Moreover, just within a month, from September to October, there has been a 1.9% rise in home prices. This suggests that the real estate market in Frisco is experiencing significant growth, which can benefit sellers but may require buyers to budget accordingly.
Choosing from Fewer Homes
Currently, there are only 326 houses available for sale, which is 16.4% fewer than the number available last year. Additionally, this figure has decreased by 5.2% in just one month, from September to October. This limited inventory of homes suggests a competitive market where buyers may need help finding the right property.
Slower Sales, Strong Prices
We’ve seen 139 homes sold in October, a 12.6% decrease compared to the number of homes sold last year. Moreover, sales have slowed down by 16.3% since September. Despite this decline in sales, home prices in the area have continued to rise.
Homes Taking Longer to Sell
Selling houses is taking a bit more time these days. On average, homes are on the market for 22 days, which is one day longer than in September and longer than last year. This means that homes are staying available for buyers for a little longer than before.
Pending Sales Dip
There’s a noticeable drop in homes waiting to be sold. Pending sales are down 21% from last year and have decreased by 31.9% since September, hinting at a market slowdown.
Still a Seller’s Market
With just over two months’ worth of homes to sell, it’s still a good time for sellers, even though the supply is slightly lower than last year and last month. This snapshot gives you a sense of the current trends in Frisco’s housing market.
Keep these insights in mind whether you’re buying or selling this month! Especially the challenge in buying a home in Frisco. Connect with Mister Frisco today for more Frisco real estate expert advice.