OK, yes, there ARE some houses under $300,000 in the North Collin-Grayson area, BUT, you have noticed the growth of all areas, and all the new homes? Yes, those new homes that, last year, kept climbing up in price even though they were not yet sold, or even BUILT.
That massive price buildup may now be slowing, but the current prices, though inching down a bit, will not come back to the pre-2020 levels any time soon if ever. Between the previous lack of building materials, to the pandemic making everyone want to stay home/not move, there are still too few homes on the market. The mortgage interest rates correcting are leading Buyers who WOULD have been able to afford the bottom-priced homes to now be unable to meet the new mortgage monthly payment requirements .
As of the end of June 2022, homes in Anna, Melissa, and Van Alstyne (the largest new build communitites north of McKinney) that are Active on market under $600,000 number about 226. Prices range from $265,000 up. (Homes of any size & age on under 1.1 acres and under $600K are being counted here; could be mobiles or site built). The most popular type of home in the last 5 years has been a new built, 3 bed / 2 bath home with a 2 car garage, usually in a neighhood under a Home Owners Association.
Currently, this type of home, both new and pre-owned, starting at around 1200SF, is listed starting at $350,000. In 2019, the same home type and area sold for…wait for it… $225,000 (using homes in Avery Pointe in Anna for this example, 1442SF).
Active Listings for Jan-Jun 2022 average $223/PerSqFt, but in 2019 the same was $123 on all similar Sold listings…
2022 Active Listing stats from June 24 in Anna-Melissa-Van Alstyne under 600K & 1.1 acre lot.
Above you can see the Average $$ per Sq Ft for all is currently $223. This isn’t the final waya to price a home, but it helps give Realtors insight into home pricing as one of the clues.
Below, however, in 2019 with 568 homes sold in the same timeframe (Jan -Jun 2019), the Average Price Per SqFt was $123!!!!
2019 Sold stats from Jan – June in Anna-Melissa-Van Alstyne under 600K & 1.1 acre lot.
Now not all is negative. If you’re a homeowner, that’s a big rise in your home’s equity, and your investment. And more than likely you have gotten a salary raise since 2019, especially during the pandemic when many jobs were being unfilled.
If you are a Buyer, the numbers aren’t as pretty, but you also have probably been given a raise, and a personal home is STILL your best investment. Rental rates are also rising fast. The average rental in the areas in the study about are now around $2200/month. Even with a 6% interest rate on a $325,000 home with 10% down, your mortgage will be about $2600. That’s worth it for the tax break & equity building. And pride of homeownership. It’s doable, let’s go find it.
NOTE: Texas law requires ALL real estate licensees to give all consumers who initiate real estate transactions the following information about real estate services: