Frisco often tops national rankings for its safety, the fast growing local economy, and other factors that help make it one of Money magazine’s “Best Places to Live”.
When a recent study recognized Frisco as the leading real estate market in the country, the Dallas Morning News did additional research to find out why.
Frisco Mayor Jeff Cheney, who has headed the Cheney Realty Group in the city for nearly 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.
There is a shortage of supply across the city’s entire housing market – which also includes apartments to buy, rent and rent.
“We actually have a shortage of homes coming on the market for people wanting to move here,” Cheney said, adding that it is also the strongest leasing market he has seen.
Most rental properties could have more than a dozen requests in the first 24 hours, he said, and most homes are nearing 100% occupancy.
The city’s supply of available land to build new homes is also historically low, Cheney said, and under the current market, it would take less than five months to sell all of the available land.
With new developments that will add additional inventory over the next few years, such as the $ 10 billion Fields project, Cheney expects the city’s fast-moving market to persist.
“We don’t see any slowdown anytime soon,” said the mayor.
Frisco real estate in numbers
According to Redfin, a Seattle-based real estate brokerage firm that analyzes the national housing market, Frisco’s market is more competitive than that of most U.S. cities, outperforming other strong markets in neighboring Allen, McKinney, Plano, and Dallas.
Highly sought-after homes can be sold for 10% above the list price within 10 days, according to Redfin. This is what the brokerage reported for Frisco in August:
$ 554,950: Median home sale price
31.2%: increase in the average home sales price over the previous year
5%: Amount above the list price for which the average home is being sold
68.8%: percentage of apartments that were sold above the list price
17 days: How long the average home was on the market before being sold
Crucial factors
The data clearly shows a competitive market, and Frisco leaders cite the city’s schools, their location and their entertainment options as driving factors.
“With an excellent 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 property market is doing well,” said Marla Roe, General Manager of Visit Frisco.
Public Education: Cheney said the main reason the city’s housing market is so successful is the quality of schools.
“The sale of our communities is determined by the quality of the schools,” said the mayor. “When you talk to local residents, that’s the main reason.”
Frisco ISD has been named one of the best counties in the state for several years in a row. It is characterized by its academic achievements, its sporting success as well as its diversity and inclusion
Geography: Cheney also credits the state’s accessibility to other regions across the country, as well as Frisco’s ability to easily reach other parts of the state.
“If you take the macro perspective, Texas is certainly a desirable state and a business-friendly state. And it’s in a central part of the US, ”said Cheney. “D-FW is particularly strong and Frisco itself is very strong.”
Cheney also attributed the city’s growth to its proximity to two airports, including DFW International Airport.
Entertainment: Frisco also offers a wide variety 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 the city’s most attractive features.
The city is home to the Frisco RoughRiders, a minor league baseball team and the major league football team, FC Dallas.
The Dallas Cowboys and Dallas Stars also chose Frisco as the location for their training facilities and headquarters.
Frisco will soon be welcoming PGA headquarters, which will include two championship golf courses, a conference center and a resort-style hotel.
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