Why Frisco’s real estate market was named one of the best in the country
Frisco often appears at the top of national rankings for its safety, rapid growth of the local economy, and other factors that help make it one of the Money the magazine’s âbest places to liveâ.
When a recent study recognized Frisco as the country’s leading real estate market, The morning news from Dallas did additional research to find out why.
Frisco Mayor Jeff Cheney, who has operated Cheney Realty Group in the city for almost 20 years, recognized the entire North Texas region for its “very strong” housing market, but noted that Frisco outperforms all major cities in the region.
The city’s entire residential market – which includes homes for sale, rent and rent – is experiencing a supply shortage.
âWe actually have a shortage of housing coming on the market for people who want to move here,â Cheney said, adding that it was also the strongest rental market he’s seen.
Most rental properties could have more than a dozen requests in the first 24 hours, he said, and most apartments are approaching 100% occupancy.
The city’s supply of land available for new home construction is also at an all-time low, Cheney said, and in the current market, it would take less than five months for all available land to be sold.
With new developments that will bring additional inventory over the next two years, such as the $ 10 billion Fields project, Cheney expects the city’s rapidly changing market to persist.
âWe don’t expect it to slow down anytime soon,â the mayor said.
Frisco real estate in figures
Frisco’s market is more competitive than most U.S. cities and outperforms other strong markets in neighboring Allen, McKinney, Plano and Dallas, according to Redfin, a Seattle-based real estate brokerage that analyzes the national housing market.
Highly sought-after homes can sell for 10% more than the list price within 10 days, according to Redfin. Here’s what the brokerage reported for Frisco in August:
$ 554,950: Median selling price of a home
31.2%: Year-over-year increase in median home selling price
5%: Amount above the listing price of the average home sold for
68.8%: Percentage of homes sold above listing price
17 days: How long the average home was on the market before selling
The data clearly reveals a competitive market, and Frisco executives point to the city’s schools, location, and entertainment options as the determining factors.
“With an exceptional public school system, quality of life for residents and a relatively low tax rate compared to neighboring communities, it is no surprise that Frisco’s real estate market is doing well,” said the director. Visit Frisco Executive, Marla Roe.
Public education: Cheney said the fundamental reason for the success of the city’s housing market is the quality of its schools.
âThe sale of our communities is determined by the quality of the schools,â said the mayor. âIf you talk to residents, that’s the main reason.
Frisco ISD has been recognized as one of the top districts in the state for several consecutive years. It stands out for its academic performance, sporting success, diversity and inclusion.
Geography: Cheney also credits the state’s accessibility to other parts of the country, as well as Frisco’s ability to easily travel to other parts of the state.
âWhen you take a macro perspective, Texas is definitely a desirable state and a business-friendly state. And it’s in a central part of the United States, âCheney said. “D-FW, in particular, is very strong, and Frisco himself is very strong.”
Cheney also attributed the city’s growth to its proximity to two airports, including the DFW International Airport.
Entertainment: Frisco also offers a wide range of entertainment options through The Star in Frisco and Stonebriar Center, as well as the National Videogame Museum and KidZania.
Sports: Cheney added that the city’s sports connections and offerings are one of its most attractive features.
The city is home to the Frisco RoughRiders, a minor league baseball team and a major league football team, FC Dallas.
The Dallas Cowboys and Dallas Stars also chose Frisco for the location of their training facilities and headquarters.
Frisco will soon be home to the PGA headquarters, which will feature two championship golf courses, a conference center and a resort-style hotel.