Dallas, TX (PRWEB) August 20, 2014
The Frisco real estate market is in high demand, much like many other communities in North Texas, and home values have flattened as the busy spring market begins to slow down. Prudential Texas Properties reports that inventory in Frisco is increasing, shedding light on buyers for the first time since the start of the year.
According to Altos Research, a California-based real estate analytics company, as of August 8 the median single-family home value was $428,639 after a couple months of stabilizing prices. Although homes here are very much in demand still, the seller-slant has eased slightly in the past few weeks given the influx of inventory.
“Frisco has a lot to offer and the community is continuing to add more amenities and recreation options, giving home buyers even more reason to find it attractive here,” says DD Flynn, VP of Marketing at Prudential Texas Properties.
Altos reported there were about 604 properties available in Frisco as of August 8, an uptick from the start of the spring real estate season in March, but it is still less than it was a year ago. This increasing inventory is helping to ease the crunch for buyers, but the average days on market is dipping, which shows that buyers need to act quick. While the future holds promise of more inventory, it’s likely the demand is going to increase as well.
Adding to the desirability of Frisco, a new development is underway in the community that will add 600,000 square feet of high end specialty retail, including a 45,000-square-foot Whole Foods grocer, The Dallas Morning News reported August 6. The 65-acre mixed-use development Wade Park is slated to feature two 16-story office towers, 1,300 apartment units, 50 condos, 127 Charleston-style single-family homes, a boutique hotel, entertainment venues and much more.
More than 2 million square feet of space will be dedicated to offices as well. The project will be located just north of the Dallas Cowboys’ headquarters, and officials are anticipating 15 new restaurants with celebrity chefs to bring even more attention and excitement to the region.
Check out this 60-second Frisco housing market update.
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