As we transition into the fall of 2024, the real estate market in Collin County, Texas, continues to evolve. Whether you’re a buyer or a seller, staying informed about the latest market trends is crucial for making smart decisions. Here’s a closer look at what’s happening in the local market this season.
Inventory Levels and Price Trends
The Collin County market has seen a moderate increase in inventory compared to the same time last year. After a competitive summer, the rise in available homes is giving buyers more choices. However, sellers can still benefit from relatively strong demand, especially in desirable neighborhoods across cities like Plano, McKinney, and Frisco.
The median home price in Collin County has remained steady, with only a slight year-over-year increase. This stability suggests that while the market has cooled off from its previous peak, it remains healthy, especially as interest rates continue to fluctuate. Buyers should be prepared for negotiations, but don’t expect dramatic price drops this season
Mortgage Rates and Buyer Demand
Mortgage rates in fall 2024 have continued to hover around recent highs, affecting buyer affordability. While higher rates have caused some potential buyers to pause, others are adjusting to the new normal. For sellers, pricing competitively and offering incentives, such as closing cost assistance, may help attract serious buyers.
New Developments and Commercial Growth
One of the driving forces behind Collin County’s continued growth is the rapid development of commercial spaces. With the area’s proximity to Dallas and a thriving business environment, many neighborhoods are experiencing increased demand as new businesses and job opportunities emerge. Buyers and investors looking for long-term value should keep an eye on properties near these developing commercial zones.
What to Expect in the Coming Months
As we move toward the winter months, expect a slower pace of sales, as is typical for the season. However, motivated buyers and sellers can still find success by adapting to current market conditions. Sellers should focus on curb appeal and competitive pricing, while buyers might find better opportunities by staying active during the quieter market period.
Collin County remains one of the most sought-after areas in Texas due to its strong economy, excellent schools, and community appeal. Whether you’re looking to buy, sell, or invest, this fall presents unique opportunities for those who stay informed and work with an experienced real estate professional.
Thinking of buying or selling this season? Let’s discuss how these trends affect your goals and how we can maximize your opportunities in the current market.