November Frisco Real Estate Market Overview
As of November 2024, the median listing home price in Frisco stood at $699,900, reflecting stability with no significant change from the previous year. The median listing price per square foot was $252, while the median sold home price was $573,900.
The average home value in Frisco is $672,503, marking a 1.6% increase over the past year. Homes typically go pending in approximately 39 days, indicating a moderately paced market.
In October 2024, the Frisco housing market was characterized as somewhat competitive, with an average home price of $658,000, a 2.3% rise from the previous year.
Frisco Texas Real Estate Market: November Report:
Housing Supply and Demand
The number of homes for sale in Frisco has seen a notable increase. In October 2024, there were 1,011 homes available, an 11% rise from the previous month. This surge in inventory suggests a shift towards a buyer's market, providing more options for prospective homeowners.
The average listing age for homes in Frisco was 74 days in October 2024, a 37.2% decrease compared to the previous year. This reduction indicates that homes are selling more quickly, reflecting sustained demand.
Economic Development and Its Impact
Frisco's economic development initiatives have significantly influenced its real estate market. The Frisco Economic Development Corporation (EDC) has been instrumental in attracting businesses and fostering job creation, enhancing the city's appeal to potential residents.
A notable development is the Fields project, a 2,544-acre planned community that includes the new headquarters for the PGA of America and a campus for the University of North Texas. This project is expected to bring billions of dollars worth of development along the Dallas North Tollway north of Main Street.
Comparative Analysis with Neighboring Cities
When compared to nearby cities, the Frisco real estate market demonstrates unique trends. For instance, in October 2024, the median list price in Prosper was $850,000, a 6.2% increase from the previous year, while The Colony had a median list price of $497,800, a 0.8% rise. In contrast, Frisco experienced a slight 1% decrease in median list price, indicating a stabilization in its housing market.
Conclusion
Frisco's real estate market in 2024 has been a dynamic interplay of stable home prices, increased inventory, and rapid sales, underscored by significant economic development projects. These factors collectively position Frisco as a compelling market for both buyers and investors, with ongoing developments likely to further shape its trajectory in the coming years.
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