February 2024 Local Housing Market Update

The entire reported area remains in a Sellers’ Market with less than six months of inventory except for Gunter (see below). Frisco, Plano and Melissa remain critically low with less than two months of supply of houses (inventory).

All the counties and almost half of the reported cities showed positive growth in Year-Over-Year inventory. Days on market are hovering around 30 days by county. Dallas County is generally the most affordable at $199 per square foot (psf) while Collin County is getting $208 psf.

On 31 Jan. 2024, the Fed said they will hold rates steady until they see more improvements against inflation. The next proposed action may take place in March. Each 1% change in mortgage rates equates to about 10% in buying power. The general expectation is that a 1% drop may happen by December – depending on inflation.

When the rate drop is significant enough to get many Buyers off the fence, prices are expected to increase due to a historic housing shortage and pent-up demand.

For example, a 1% drop may allow a buyer to go from shopping for a $500K to a $550K house, it’s also likely to increase the price of the $500k house to $550K or more. Therefore, it’s probably best to buy the house NOW and refinance later if financially appropriate. When you’re ready to move, please call, text or email me.

Gunter leads the pack in several conflicting directions. It is the only reported city that has a Buyer’s Market of inventory at 6.2 months. It also has the fewest days on market at nine days. Additionally, it has the highest median listing price at $994,000. Finally, it has the lowest number of Active properties at 35. Gunter is north of Celina and in Grayson County.

The news out of Grayson County has been staggering lately. BNSF Railway put plans on hold for the Texas logistics facility outside Gunter. They already have more than 900 acres of land. However, all Gunter city council members quit and the city manager is gone over the proposed annexation. So, there will be no new building permits until there’s a new city council to approve them. The earliest special election is scheduled for May.

The Hard Rock Hotel, conference center, beaches and residences are coming to Lake Texoma (Oklahoma side) in 2026. It plans to have a casino.

The Massive $6B Margaritaville resort will be built at Texoma (Texas side) with resort, retail, restaurants, 7,500 luxury to multifamily plots, upscale marina and more. Investors need to move fast if they want anything in Grayson County. I can help.

I've Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com

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