We knew the Dallas-Fort Worth real estate market was hot, but get this. WalletHub named Frisco as the best real estate market in the country in its 2021’s Best Real-Estate Markets report released yesterday. The country!
The personal-finance website compared 300 cities across two key categories, “Real-Estate Market” and “Affordability & Economic Environment.” Specifically, they looked at 18 key indicators of housing-market attractiveness and economic strength.
Some factors were universal across the healthy Metroplex market, such as average days on market (DOM), Zillow’s Home Value Forecast for May 2022, and average home price appreciation. Other key factors skew heavily towards our northern suburbs that have exploded in the past 20 years, including building permit activity and the share of new-ish homes built between 2010 and 2019.
Frisco was one of 14 Metroplex cities to make the list. Overall rank among small, medium, and large cities:
- 4. McKinney
- 5. Denton
- 6. Allen
- 26. Fort Worth
- 35. Richardson
- 43. Carrollton
- 47. Irving
- 52. Grand Prairie
- 55. Plano
- 74. Garland
- 86. Arlington
- 123. Mesquite
- 137. Dallas
The median existing-home price went up a record 23.6 percent compared to last year. Home prices have been rising on average throughout the pandemic as well, but home prices and rental rates vary widely across the U.S. based on supply and demand.
What does that mean for buyers? Financial experts tapped by WalletHub didn’t pull their punches. Q: Is it a good time to buy a home?
“Unfortunately for buyers, no. This is possibly the worst time to buy a house since just before the housing market crash of 2007-09,” says William R. Miles, Research Fellow with the Center for Real Estate and Professor of Economics at Wichita State University.
Find the complete report on WalletHub.com.
