People looking to purchase a home in McKinney this year have a lot to consider. Community Impact Newspaper spoke to several Realtors covering McKinney about what they are seeing in the market and what is expected to come.
Here are five real estate trends to follow in McKinney.
1. McKinney’s median sales price increases 1%
From June 2018 to May 2019, the median sales price in McKinney was $325,000—up nearly 1% from the previous year. From June 2017 to May 2018, the median sales price in McKinney was $321,990, according to data from the Collin County Association of Realtors. Nearby cities such as Plano and Frisco saw a 0.59% and 3.75% increase, respectively.
2. More residents protest appraisal value, save money on property taxes
Approximately 2,000 more residents protested their residential appraisal value this year compared to last year, according to data from the Collin Central Appraisal District. As of June 11, nearly half of the residential protests have been completed.
3. More short-term rentals available as average daily rates decline
There are 167 short-term rentals in McKinney listed on Airbnb and HomeAway as of May 2019, according to data from AirDNA, a short-term rental data analytics firm. Last year, there were 154 short-term rentals. While the number of short-term rentals in McKinney is increasing, the average daily rate year over year is on the decline.
4. Officials: Housing market slowing in McKinney
Homes in McKinney are taking longer to sell than they did 18 months ago, according to local Realtors. Julie Williams with Texas Property Sisters said homes are not taking much longer to sell, but the market is getting back to what it should be.
“It’s like a market correction where things get so insane that there has to be a correction,” she said.
In April 2017, homes were on the market for an average of 35 days as compared to 60 days in April 2019, according to CCAR.
5. Apartment community Cypress Living offering smart units
Cypress Living, located at 4690 W. Eldorado Parkway, McKinney, opened in 2006 and began offering smart apartment units in May 2018. Smart apartments allow residents to use a smartphone to unlock the door, turn on the air conditioning, change the PIN passcode on the door, turn off the lights and more. These units use a mobile application called Dwelo to control the apartment from anywhere, according to Cypress Living’s website. Dwelo also offers smart apartment controls to communities in Fort Worth managed by Hudgins Companies, according to Dwelo’s website.
View our other Real Estate Edition coverage here.