Dallas area housing Prices going up or down? (Plano, McKinney: sales, real estate market)

[NiceJohn]

I am thinking to move to Dallas. Not for sure about the local housing market. You suggestions are highly appreciated. I am thinking to get a house in McKinney or Plano.

[philmoregenius]

Originally Posted by NiceJohn

I am thinking to move to Dallas. Not for sure about the local housing market. You suggestions are highly appreciated. I am thinking to get a house in McKinney or Plano.

They are still lower than most parts of the country for what you get. It's taking a hit just like everywhere else.

[lh_newbie]

Real estate is very localized. So to say it's taking a hit just like everywhere else is a bit of a macro-view. If you're averaging the entire DFW metro - then yes - overall, prices have come down a bit (but very little compared to the states that are getting clobbered - like California, Nevada and Florida). I think you'll need to look at specific areas. For instance, on my street, my neighbors just put their house on the market after being here for 2 years. It's listed for ~15% more than when they bought it. This 15% number over the last 2 years is very typical of my neighborhood, and homes are selling pretty well. There are several reasons for this, my particular neighborhood has great proximity to TX-75, I-635 and NW Highway all within a mile or two. We also have a DART rail station getting put in and a new town center project to be completed in 2010 - so there is a lot of positive movement here. These sort of things are what drive the very localized real estate markets. So, while the DFW area in general is holding up better than average, you'll need to zoom in on the specific area you're looking at. Even within McKinney, you'll have different sub markets.

Brian

[nsumner]

If you are concentrating only on Plano and McKinney, I would say that you will have a higher return in Plano. McKinney is still growing and has a lot more inventory than Plano.

Plano has kept its desirability for location, schools, city amenities etc.

Naima

[FalconheadWest]

I just received the stats from the board on Friday. Year to date, we have only come down 1% on average sales price as well as 1% for median sales price. Median sales price is ONLY $148k, so you're talking under $1500 difference. We're not like "everywhere else".

Many areas of the metroplex have increased in value. My neighborhood has increased almost 4% since last year. Other neighborhoods have decreased because of foreclosures. Each neighborhood within a city is different, so it's hard to compare across the board.

However, for your main question, Plano will hold value any day over McKinney. Too many people selling their homes in McKinney and moving back closer into town. People are realizing they don't like that long drive if they don't work in the northern areas.

[NiceJohn]

Thank you for the excellent advises. I will like to live in Plano fo kids reasons.