McKinney property market is a popular option for buyers and sellers due to its high quality of life, excellent schools, and robust job market. The city is also known for its diverse housing stock, with a wide range of options to suit any lifestyle. However, navigating the local housing market can be challenging if you’re not familiar with its trends and patterns. This article will explore key insights into the local real estate market, including population growth, home sales prices, and more.

In the last decade, the McKinney area has seen strong population growth, which has led to a steady demand for homes. This trend has been fueled by the region’s robust job market and excellent schools, which have attracted many families to the area. As a result, the average home sale price in McKinney has risen steadily over the past few years, resulting in an increasing number of bidding wars and multiple offers on properties.

Historically, the majority of homes sold in McKinney fell within the $250,000 to $400,000 price range. This year, however, the median home sales price has climbed higher, with 63% of homes selling at or above that mark. This change in buyer behavior may have been caused by rising mortgage rates, a lack of inventory at lower price points, or both.

The supply of homes for sale in McKinney varies significantly throughout the year, with more properties hitting the market during spring and summer months. During these times, the average home in the area sells for around 3% below list price and goes to pending in about 52 days. However, new listings tend to taper off in the late fall and winter months due to the Covid-19 pandemic.

Overall, the home ownership rate in McKinney is quite high, and it’s even higher among white and non-Hispanic homeowners. However, the city faces a shortage of rental units that are affordable for households earning less than the city’s median income. As a result, renters have higher rates of cost burden than owners.

The average home value in McKinney is around $525,695 and continues to rise steadily, with a 0.4% increase in 2024. This is well above the national average of $489,600 and the highest in Collin County. As a result, it’s important to keep an eye on changes in home values and make informed decisions about when to buy or sell your property.

Astra Realty 6401 Eldorado Pkwy STE 109, McKinney, TX 75070