McKinney Home Values Climb Even as National Market Cools Off
McKinney, Texas (PRWEB) September 18, 2013 -- Located just about 35 minutes north of Dallas off I-75, the city of McKinney is one of the few North Texas areas that has continued to experience rising home values in recent weeks as much of the national market seems to be cooling off after the searing first half of 2013. It would make sense, though, that McKinney homes are still in high demand—after all, this city of more than 131,000 residents has been constantly ranked in U.S. Census Bureau polls as one of the nation’s fastest growing cities over the last decade. Factors that make McKinney homes so desirable include its proximity to Dallas for area professionals, two of the nation’s top high schools as ranked by Newsweek and a bounty of other family friendly draws. Additionally, it certainly isn’t hurting McKinney that the Dallas Cowboys’ new headquarters and practice facilities are moving from Irving to Frisco, just a stone’s throw away from McKinney.
Prudential Texas Properties reports that this confluence of factors has helped McKinney see its median home list price rise to $300,000 as of a September 9th report by California-based real estate analytics company Altos Research. This number, which the market has stayed at for the past two weeks, is the second-highest home value peak McKinney has hit for the entire three years of data that Altos has on record. It’s also up about $10,000 from the beginning of 2013 in a market that has been much more stable and predictable across the board this year than other area markets.
Click here for a 60-second McKinney home market update.
In looking at more granular statistical factors within the Altos report that might be contributing to increased McKinney home values, a few points stick out. First, the inventory of McKinney properties for sale has been dropping in recent weeks, with the September 9th number of 670 homes for sale the lowest the area has seen since about May. Additionally, the area’s market action index (MAI) is trending up at 44.19. Any number over 30 for a MAI indicates higher demand than supply, and at its current level, McKinney is strongly outpacing larger metros like Dallas (37.54) and Fort Worth (36.56) in terms of its strength as a seller’s market. The average days on market for McKinney homes is also relatively low at just 68, in comparison with Dallas’ 103 and Fort Worth’s 92. This most likely indicates that inventory is being scooped up quickly upon hitting the market, which gives home sellers the ability to set forth more competitive pricing.
“McKinney is currently operating in a sort of bubble that doesn’t seem to be as affected by real estate trends in Dallas and Fort Worth as other North Texas communities,” says DD Flynn, VP of Marketing with Prudential Texas Properties. “With McKinney home values rising as this immensely popular community continues to experience strong population growth, the future of McKinney real estate has never looked so bright.”
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Rachel Rusnak, TRIBUS, +1 (312) 600-8809, [email protected]
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