Price per Sq. Ft. National and Local
One definite marker of current value in your home––or a home you’re looking at investing in––comes down to price per square foot.
Of course, this changes every year, every quarter and every month in our rising markets. And Home buyers in different regions of the U.S. sometimes pay vastly different prices per square foot.
These were the median prices of new homes in 2016. “Daily Real Estate News” reported in October of this year that the median price per square foot on a new single-family home currently ranges from $81 to $150 across the country, with the highest being in New England, according to a National Association of Home Builders analysis. The Pacific Division of the country has the second highest median price, at $138 per square foot. On the other hand, the lowest median prices can be found in the southern regions, with $81 in the East South Central Division, $89 in the West South Central Division, and $91 in the South Atlantic, according to NAHB. These estimates seem a bit low, but the relative prices across the country do make sense. Here’s what’s current in our area now:
As a precursor to local numbers, recall some points we’ve mentioned before:
*What kind of neighborhood do you want to join?*
Our area is favorable because there are so many cities clearly worthy of investment, and while prices have been rising, it’s still a good time for a wise investment in DFW properties that will continue to rise in 2018 (See pg 2).
#1 Prosper. Prosper has 93.1% growth. Population in 2010 was 9,520.
Population in 2017 is 18,379!! CRAZY!!!
#2 Little Elm. Growth at 64.3%. Population in 2010 was 25,877. Population in 2017 is 42,504.
#3 Frisco at 39.8%. Population in 2010 was 117,056. Population in 2017 is 163,656.
#4 Forney at 38.3%. Population in 2010 was 13,824. Population in 2017 is 19,122.
#5 McKinney at 31.5% Population in 2010 was 131,025. Population in 2017 is 172,298.
*The O’Reilly Home Team covers all North Texas. We’ve worked in most all of the above listed areas! Recently we have been in Aledo, White settlement, Fort Worth, Irving, Lewisville ... So, if you want information on properties––anywhere from Waco to Decatur to Princeton to Ferris––we are your source for Real Estate Information.
As the year winds down I want to thank each of you for making this a GREAT YEAR for the O’Reilly Home Team.
As of this writing we have sold over 9.5 million dollars in real estate, and we should hit $10 million by December 31st. Inspired by the people we serve, in January 2016 we committed to donating a portion of our commission back to charitable organizations. So far, in 2017, we’ve partnered with Mercy Street to host an appreciation lunch for the great teachers at Thomas Edison Middle School, partnered with Radio South Sudan to build radio stations there, and we’ve given our time and money to Many Helping Hands in Irving to help the poor and homeless. Over $8000 donated!
We could not do this if it wasn’t for you, our community.
Thank you for working with us, and let’s keep serving together.
How about the DFW Real Estate Market in 2018?
Next year will be HOT again… and not just the weather. Our Dallas-Fort Worth area is expected to be one of the top home markets in the country next year, (Realtor.com’s just-released projections). In fact, the report predicts that only Las Vegas will have a stronger home market in 2018.
The D-FW area is forecast to see about a 6% increase in home sales and a 5.57% hike in median home prices in the year ahead. That's twice the national growth rate for sales and prices with realtor.com’s predictions! This year, sales went up 7%, and it will continue to be a seller’s market working with low inventory. It’s little fun for the buyer, but waiting will cost you more money. For instance, a 200,000 home today cost $14,000 more than in December 2016 and it’s projected to go up another $12000 by Dec 2018. So, though it may not seem like much fun, even now is a good time to invest and buy a home. Just know the OHT will try to make it as fun as legally possible! Tell your friends and family to call us and check on the options for buying right now.
Merry Christmas! God bless us each and every one!!
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