A recent rise in nationwide home values was attributed to a lack of supply, but as national prices cool, something different is happening in Frisco. Why people move to Frisco is multifaceted, but a recent article in CommunityImpact by Miranda Jaimes cites them all. The top three are mentioned below.
Commercial Development
Commercial development drives Frisco home values. According to the article, “About 75% of Frisco is built out or claimed at this point, Frisco’s Development Services Director John Lettelleir said. That includes projects in the northern part of the city, such as the Professional Golfers Association of America headquarters development, the Fields community, and the Firefly Park mixed-use project…This section is one of the final frontier areas in the growing city of Frisco. About 20 years ago, Frisco was about 40% built out, Lettelleir said. City planners are now looking at how to best develop its last remaining portions of land, with about 9,000 acres to explore, according to a report from the development services department.”
Lasting Home Values
Growth is driving demand. Jaimes adds, “The development is translating to higher home values, Dowdy said, especially as the city adds to the services that make it attractive to residents. In the last five years, the median sales price of a home in Frisco has increased more than 72%, according to data from the Collin County Association of Realtors. In May, the median home price in Frisco was $725,000, but Dowdy said that could change. ‘Indications have told us that we’re going to see a slowdown a little bit, maybe a value adjustment, but it’s still going to continue to [rise in] value,’ Dowdy said.”
Frisco ISD
Families move to Frisco because of the schools. But, Jaimes concludes, “The types of people who want to move to Frisco vary, she said. But the main driver bringing people to Frisco is the school system, Dowdy said. Many families moving in for the school district seek out older Frisco neighborhoods where it is still possible to find homes under $500,000, she said. Frisco ISD is still experiencing the effects of being part of a rapidly growing city. While the district has slowed its growth from where it was six or seven years ago, it is still adding students each year, FISD Deputy Superintendent Todd Fouche said. The school district serves about 66,000 students across 73 campuses. And more campuses are needed, Fouche said.”
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