2023 Frisco, TX Market Predictions

The real estate market in Texas has been busy. Housing prices have risen quickly due to the lack of inventory. Whether you are a current resident or looking to relocate, paying attention to market trends can help inform your real estate endeavors. That being said,  Texas is an extremely desirable state and was one of the fastest-growing real estate markets in 2022. So, what does 2023 look like?

2023 Frisco, TX Market Predictions2023 Frisco, TX Market Predictions

Home Appreciation

The Frisco area has had great home appreciation compared to the rest of the country. This is expected to continue into 2023, but the Texas housing market usually mimics the national trend so the appreciation rate may slow down. Knowing that homes have consistently appreciated in value makes for a great investment if you are looking to buy in the Frisco area.

Housing Demand

The recent demand lowered in all of the major Texas cities. This made things exceptionally difficult for first-time homebuyers. The average of days on market is still on the low side and this doesn't give buyers much bargaining power. The hope is that the market will at least cool so buyers can gain some leverage. Home developments are expected to continue building in 2023, but even so, the housing supply is still less than the demand. The gap is becoming smaller, which is helpful to buyers but not enough to make it a buyer's market. This is consistent with what is being seen in the market nationally.

Housing Prices

The housing prices in Frisco and across Texas have started to fall slightly. This is an indication of the market cooling as buyers are hesitant with the higher prices and mortgage rates. Even though housing prices are falling, they are still higher than they were this time last year. The trend of prices falling should continue in 2023, but will most likely be gradual.

Population Growth

Post-pandemic brought a lot of population growth to Texas with those that were relocating, so it is no surprise that Frisco saw growth as well. This is part of why the market has trended as a seller's market. This growth is not projected to slow down.

In Conclusion

The real estate market is always changing, so it is important to stay up to date if you have a hand in the market or are planning for the future of your family. Whatever your real estate needs in Frisco, Texas are, I would be happy to provide you with my expertise. If you are looking to buy or sell, contact me. I will keep you up to date with all of the market changes to come in 2023.

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Information is deemed reliable, but is not guaranteed accurate by the MLS or NTREIS. The information being provided is for the consumer's personal, non-commercial use, and may not be reproduced, redistributed or used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by brokerage firms other than Tonya Peek Group are marked with the NTREIS IDX logo and information about them includes the name of the listing brokerage.

NTREIS data last updated May 27, 2024.

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