Frisco Housing Market Predictions for Late 2024: What Buyers and Sellers Need to Know!

As we move into the latter half of 2024, you may have noticed that, unlike our scorching summer temperatures, the local housing market in Frisco, Texas, has begun to cool slightly. Increased price reductions and longer periods of homes sitting on the market have left many potential buyers and sellers feeling confused. The media continues to report that home prices are on the rise, but the reality on the ground paints a different picture.

In this post, I’ll break down the first half of 2024 in the Frisco housing market and share what I expect for the second half of the year. Whether you're considering buying or selling a home, these insights will help you navigate the market more effectively.

Recap: The First Half of 2024

The first half of 2024 was marked by a return to more normal market conditions—a stark contrast to the unpredictable pandemic years. Many people I've spoken with have never experienced what a typical market looks like, leading to some confusion as things stabilize.

We saw home prices remain high, but the rate of increase has slowed. Meanwhile, mortgage rates haven't fallen as quickly as expected, exacerbating affordability challenges. As a result, we're seeing more homes sitting on the market longer and more frequent price reductions.

CLICK HERE To See All Price Reduced Homes For Sale in Frisco

What to Expect for the Rest of 2024

So, what does the rest of 2024 hold for the Frisco housing market? Let’s dive into some key metrics:

  • Median Sales Price: While the median sales price in Frisco has shown an increase of 7.4% year over year as of June, this data looks in the rearview mirror. Current list prices, which are a better indicator of where the market is headed, have remained relatively flat since March.

  • Buyer Activity: Pending sales, which peaked in April during the spring market, have since dropped off significantly. This indicates that buyers are taking a pause, likely due to recent increases in mortgage rates.

  • Inventory Levels: The total number of homes for sale in Frisco has been climbing throughout the year, now up 68% year over year. However, new listings have started to decline, suggesting that total inventory may have peaked for the year.

What This Means for Buyers and Sellers

For buyers, especially those looking for a great deal, this could be a prime opportunity. Builders with quick move-in new construction homes are offering some of the best pricing and incentives as they aim to clear inventory. With mortgage rates expected to remain in the mid-sixes by year-end, buyer activity is likely to pick up, keeping prices stable or even pushing them slightly higher.

For sellers, it’s crucial to price your home realistically. Overpricing based on past market trends can result in your home sitting on the market longer and potentially needing a price reduction. Working with a knowledgeable local agent who understands the current market dynamics is key to positioning your home for a successful sale.

For a deeper dive into the predictions and to see the latest market trends, watch the following video:

Final Thoughts

The Frisco housing market is expected to see modest price appreciation over the next several years, with growth likely in the range of 3-5% annually. While the days of double-digit annual increases may be behind us, the market remains strong due to continued demand and limited supply.

CLICK HERE to See How Much Equity You Have Gained in Your Home

If you're considering buying or selling a home in Frisco or the surrounding areas, don’t hesitate to reach out. I'd be happy to provide a free consultation and share my marketing plan to help you achieve your real estate goals.

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