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Is Plano's Housing Market Cooling Off?
Plano Real Estate Market Outlook, Is The Bubble About to Burst?
By: HomePlace Realty
Residential real estate is booming in Plano, TX. But is market data suggesting a slow down of the hot seller's market?
Some call it the great migration. Thousands of eager new residents moving into Plano, Frisco, and other areas of North Dallas. Our new friends and neighbors are coming from places like Southern California, Illinois, New Jersey, Pennsylvania, and all corners of the world. As this new crop of DFW residents pour into the community they are looking for safe places to live.
Plano Texas has experienced some of the largest real estate activity mainly because it is a welcoming, safe and productive community. Average Plano home sales have seen an increase of over 15% just in the last year alone. The average home sales price in the fourth quarter of 2016 was $355,000. Fourth quarter 2017 ended with an average sales price of $390,000. The average Plano home is 4 bedrooms, 3 bathrooms, 2,700 square feet and built in 1989.
Available land in Plano to build new construction homes is few and far between. Most new homes in Plano are being built on old church lots and the last of the old Plano farm lots. This means most Plano home buyers are looking at previously owned homes built 1980-2010's.
The breakdown of Plano real estate market in the fourth quarter of 2017 is as follows:
745 Single Family Homes SOLD - Average Listing Price: $399,000 - Average Sales Price: $390,000 - Minimum Sales Price: $150,000 - Maximum Sales Price: $3.6 Million
Compare to Fourth Quarter 2016:
743 Single Family Homes SOLD - Average Listing Price: $340,000 - Average Sales Price: $335,000 - Minimum Sales Price: $75,000 - Maximum Sales Price: $5.1 Million
Is the Plano real estate marketing cooling off? Not at this time, or anytime in the foreseeable future. The supply of Plano homes is low, and the demand remains strong. Homes priced under $300,000 typically receive multiple offers, sometimes in the double digits. If Plano sees a reverse of supply vs demand then that could indicate a market cool down, but nothing of the sort seems imminent.
This information is provided by HomePlace Realty, Expert Plano Realtor, http://www.Planorealestate.pro 469-371-
Page Updated Last on: Feb 11, 2018