Average Home Prices Are Increasing in McKinney, Texas

 



Kevin Griffin is the former regional president of Independent Bank in McKinney, Texas, and possesses over 30 years of banking experience, including in Dallas. He currently serves as president of Kevin Griffin Realty, LLC, and is responsible for locating and acquiring investment real estate. He oversees all phases of a real estate transaction, from rehabilitation and re-marketing to sale.

Median home prices in McKinney, Texas, have been steadily increasing since 2007 according to a recent report from the Collin County Association of Realtors. The median home prices in the area during 2007 ranged from $131,500 to $179,000 for a pre-existing home. Now the average home ranges from $269,000 to $293,000. New developments have an even higher average cost as most new developments start at above $300,000 and the price for new construction can vary between $340,000 and $500,000 on average.

This increase has been good news for individuals who are selling a home. In many cases, homes are selling for several thousand dollars above the asking price. Plus, sale prices are being proposed to sellers within just a couple days of listing the property.

However, the increasing costs can make it difficult for buyers. This is especially true of buyers below the age of 35 who largely prefer homes below $200,000. Although the average household income in the area has increased by around 9 percent since 2007, housing prices have increased at a much faster pace. As a result, many young families are looking for starter homes outside of McKinney.