Buying a home is a tough sale in Collin County.
Whereas the housing market might have cooled in some spots, continually rising home prices continue in Collin County. At closing, homebuyers paid a median sales price of $540,000, which is 37.2 percent more than a year ago, according to March data from the Collin County Association of Realtors (CCAR).
Last month, homes went under contract in 22 days for 108.5 percent of their original list price on average.
Making it tougher is inventory or lack of. The county had 5 percent fewer new listings than last March (1,631 vs. 1,717), meaning homebuyers had 31.7 percent fewer homes from which to choose.
“That means buyers must write competitive offers to get the home they want,” CCAR President Marissa Benat said in a statement.
In comparison, home prices in the Austin area rose to $521,100, according to the Austin Board of Realtors.
In a more local comparison, the median sales price in North Texas has risen 22 percent, from $311,500 to $380,000, since March 2021, according to the Texas Real Estate Research Center at Texas A&M University and North Texas Real Estate Information Systems.
The Collin County Association of Realtors has been keeping close tabs on the state of Collin County’s home sales:
- Home inventory crisis becoming the new norm (July 2021)
- Familiar trajectory of shrinking inventory is resuming (September 2021)
- Home prices continuing to rise because of the lack of inventory and high demand (October 2021)
- Limited inventory and high demand setting a trajectory (March).
Meanwhile, Collin County has been a hotbed of new construction with numerous subdivisions coming up in Celina and McKinney.
“The bottom line is that Collin County is a great place to live and, despite recent price growth, remains more affordable compared to other metropolitan areas,” Benat said.
