Owning your own home has long been part of the American dream. It's a goal most of us rightfully aspire to, and one that can often help build wealth. Indeed, 64% of Americans own a home today. If'
Allen Frisco Named Among Top Communities For Families
Each Dallas community seems to have its own praise and two suburbs were recently named among the top places for young families to live by Apartment List, an online marketplace for rentals. The company surveyed 500 cities and cut down its list to the top 100. Allen and Frisco were ranked No. 2 and No. 5, respectively, for the low housing costs, high quality schools, among other items. And while both areas are great for renters, they may be even better for home buyers who want to invest in a continually prospering region of North Texas.
Allen real estate market update
The median single-family home value in Allen has been on the rise since September as the inventory of available homes is falling and demand is still considerably high for the season, according to Altos Research, a California-based real estate analytics company. As of December 26, the median single-family home value was marked at $485,637, a considerable increase from the September 1 median value of $439,000. However, it’s important to note that the inventory in Allen fell from about 383 homes at the start of September to 291 available homes at the end of December.
Demand, although falling, is still very high in Allen. Alos uses a unique figure called the Market Action Index to determine whether trends are in favor of home buyers or sellers using a scale with 30 as the neutral value. While this figure reached a height of 43.6 at one point, noting a strong lean toward sellers, it has since eased closer to buyer territory. Landing at 39.74 in the final full week of December, the index still shows that sellers are in the driver’s seat as home buyers are vying for the opportunity to snag a home here.
Frisco housing market conditions
Like Allen, Frisco has recently seen a major uptick in home values as inventory takes a downfall. Altos reported Frisco’s median single-family home value to be at $478,410 as of December 26 compared to the median value of about $426,000 on February 1. Both Frisco and Allen have a lot of similarities in their current housing market trends, except that Frisco is actually seeing a slight increase in demand.
After falling for months, the Market Action Index increased slightly in the week ending December 26 to 39.69. Home sellers are very much in control here with about 492 properties available on the market, which has fallen substantially from the roughly 600 homes available in August. The average property in Frisco is also staying on the market for longer as the holiday season has caused a slowdown for much of the country. The average home is on the market for about 85 days, up from the fast-paced average of 60 days seen in August.
If you’re interested in learning more about available homes in Frisco or Allen, give us a call today. Our experienced team at Ivy League Realty would love to assist you in your new home purchase or assist you in selling your current home.
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