Collin County had an outstanding Real Estate market in 2014. According to Zillow, Collin County had a very healthy market with a 9.5/10 (on data collected through December 31, 2014). Considering the award-winning cities, low crime rates, excellent schools, and continuous job growth, this truly does not come as a surprise.
The Real Estate market in Collin County is exemplified by strong market demand, and as a result, property values are up. According to a report released in February 2015 from the Texas Association of Realtors, home sales in Collin County in Q4 2014 increased 5% compared to the same time period in 2013. The median price increased to $266,500 in the 4th quarter of 2014, compared to $243,800 4th quarter 2013. Furthermore, the foreclosure rates have decreased. Zillow reports that 2 homes are foreclosed (per 10,000) in Collin County; which is lower than the national value of 4.
The high demand and quick selling time have led to an inventory shortage. The average time a home spends on the market is 56 days. There are approximately 1.5 months of inventory.
In short, it’s a seller’s market in Collin County. If you have been considering placing your home on the market, the time is now. It is predicted these trends will continue through 2015, due to the Legacy West project and Toyota’s relocation to Plano.
Prevalent by low crime rates, a strong economy, good schools, and a consistent job market; it’s understandable why people are moving to Collin County. In 2014, CNN Money Magazine ranked McKinney 1st place among “Best Places to Live in the United States.” Most recently, Plano was named the 10th Best City to Find A Job in 2015 by WalletHub.
If you are looking to buy or sell in Collin County, Texas, call The Fejeran Group today. We serve the North Dallas area and can help you reach your goals!