Investors in Collin County are seizing the opportunity to acquire lower-priced homes due to a shift in the housing market over the past 12 months.
The median sales price of a house in Collin County is down from nearly $570,000 in June 2022 to around $540,000 in June of this year, according to the Collin County Association of Realtors (CCAR) — a 5.3% drop.
“Buyers continue to find more negotiating power in 2023 as homes remained on the market longer and sold for less than they would one year ago,” CCAR President Shana Acquisto said in a news release. “However, buyers who have been waiting on the sidelines have noticed, and not only has the number of homes under contract increased, but the overall demand for homes in the area continues to rise.”
Collin County home sellers went from receiving roughly 105% of their listing price to 98.3% over the year, per CCAR. Homes in the county also spent an average of 19 more days on the market than the year prior.
Single-family homes in Collin County spent an average of 36 days on the market this June. By comparison, Dallas homes spent 33 days on the market that month, up 38% year-over-year, according to data from Realtor.com.
In contrast to Collin County’s decline in average asking price, data from Rocket Homes showed that Dallas’ median listing price in June was about $30,000 higher than a year ago. In June 2023, the median sale price in Dallas was $435,380, a 7.6% increase, per Rocket Homes.
Despite the lower selling price and a 22.7% decrease in new listings, CCAR noted that the number of homes under contract in Collin County rose by 15.6% in June 2023, which the association said was indicative of “strong demand in the area.”
While Collin County housing demand is more robust than a year ago, the month’s supply of homes for sale — a crucial indicator of housing market balance — suggested that the county remained firmly in a seller’s market.
Collin County has an available supply of homes equivalent to about 2.2 months, according to CCAR, nearly four months short of what is generally considered a balanced market.
“As the Collin County housing market continues to navigate shifting dynamics, potential homebuyers and sellers are urged to work closely with experienced real estate professionals to make informed decisions,” CCAR advised.
The Dallas Express reached out to CCAR Communications Director Bri Westbury for additional comment but did not receive a response by press time.
