Frisco, TX (PRWEB) January 13, 2014
Dallas, you have company. That’s the message that’s become increasingly apparent throughout 2013 as what was a North Texas enclave of less than 10,000 people two decades ago has flourished into one of Texas’ premiere real estate and economic hubs—as well as one of the nation’s fastest-growing cities. And the mind-blowing thing is that not only were Frisco home prices continuously moving upward through the end of 2013, but the city isn’t even halfway done growing.
Prudential Texas Properties reports that December 30 data from California-based real estate analytics company Altos Research saw the median list price for Frisco homes at $446,189. This number for the seven-day average brought the more-stable 90-day average up to an all-time high of more than $425,000. The seven-day average was up more than $25,000 over the last month alone, and furthermore, was up almost $75,000 from the beginning of 2012 and $150,000 from the beginning of 2011. That’s correct—the median home value in Frisco has grown by roughly 50 percent in just two years’ time. One would be hard-pressed to find a major market anywhere in the country that’s seen that kind of upward valuation over the same duration.
Click here for a 60-second Frisco home market update.
Speaking of growth, that’s the exact factor—in more forms than one—that’s made Frisco’s home stock rise so high. With roughly 130,000 residents as of a 2012 U.S. Census Bureau survey, Frisco makes national “fastest-growing cities” lists every year. And as alluded to, this trend is only expected to continue. After all, as one Frisco councilman recently pointed out in an impactnews.com article, the city is only about 50 percent developed. If Frisco homes are selling at these prices at a time when acres of open lots are up for grabs, one can only imagine how the looming business boom the city expects could incentivize real estate value growth.
The reference here is of course tied closely to the major move the Dallas Cowboys announced in August that will bring a 91-acre practice facility and entertainment and business complex—as well as the Cowboys’ headquarters—to Frisco in in 2016. The expected economic impact of this move has seen new, massive subdivisions and business complexes go under construction as Frisco looks to become an epicenter of the Texas business world. For example, a 200,000-square-foot office complex is projected to reach completion in the first quarter of 2014, according to The Dallas Morning News.
Still, the massive growth doesn’t even seem to be enough at the moment. Amidst real estate values breaking records seemingly every week during the end of 2013, the number of available Frisco homes for sale was dipping. In fact, outside of one week in February, the roughly 500 homes seen for the seven-day average in Altos’ year-end report was the lowest figure Frisco had seen all year.
As DD Flynn, VP of Marketing with Prudential Texas Properties says: “It’s hard to overstate just how tremendously hot the Frisco home market is. When Frisco homes were a blazing-hot commodity this summer, they only became more valuable and in-demand. And as the typically slower winter months have kicked in, Frisco has defied the entire national real estate market by simply continuing to up its value and desirability.”
Adds Flynn, with Texas home values expected to only continue growing in 2014 along with mortgage rate growth, it’s doubtful that Frisco home prices will be more ripe for the picking any time soon.
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