When a recent study recognized Frisco as the nation’s top real estate market, The Dallas Morning News did additional research to find out why.
Frisco Mayor Jeff Cheney, who has operated Cheney Realty Group in the city for nearly 20 years, recognized the entire North Texas region for its “very strong” housing market, but noted Frisco is outperforming all major cities in the area.
The city’s entire residential market — which includes homes for sale, lease and rent — is seeing a supply shortage.
“We actually have a shortage of supply of homes coming on the market for people who want to move here,” Cheney said, adding that it is also the strongest leasing market he has seen.
Most leasing properties could have more than a dozen applications in the first 24 hours, he said, and most apartments are approaching 100% occupancy.
The city’s supply of available lots for building new homes is also at a historically low number, Cheney said, and under the current market, it would take less than five months for all available lots to sell.
With new developments that will bring additional inventory over the next couple years, such as the $10 billion Fields project, Cheney expects the city’s fast-moving market will linger.
“We don’t see it slowing down soon,” the mayor said.
Frisco real estate by the numbers
Frisco’s market is more competitive than most U.S. cities and outperforms other strong markets in neighboring Allen, McKinney, Plano and Dallas, according to Redfin, a Seattle-based real estate brokerage that analyzes the national housing market.
Highly desirable homes can sell for 10% higher than list price within 10 days, according to Redfin. Here’s what the brokerage reported for Frisco in August:
$554,950: Median home sale price
31.2%: Year-over-year increase in median home sale price
5%: Amount above listing price the average home sold for
68.8%: Percentage of homes that sold above the listing price
17 days: How long the average home was on the market before selling
The data clearly reveals a competitive market, and Frisco leaders point to the city’s schools, its location and its entertainment options as the driving factors.
“With an outstanding public school system, quality of life for residents and a relatively low tax rate when compared to neighboring communities, it’s not a surprise Frisco’s real estate market is doing well,” said Visit Frisco executive director Marla Roe.
Public education: Cheney said the fundamental reason for the success of the city’s housing market is the quality of its schools.
“Selling our communities is set by the quality of the schools,” the mayor said. “If you speak to residents, that’s the primary reason.”
Frisco ISD has been recognized as one of the best districts in the state for several consecutive years. Its notable for its academic performance, sports success and diversity and inclusion
Geography: Cheney also credits the state’s accessibility to other regions across the country, as well as Frisco’s capability of easy travel to other parts of the state.
“When you start from the macro view, Texas is certainly a desirable state and a business-friendly state. And it’s in a central part of the U.S.,” Cheney said. “D-FW, specifically, is very strong, and Frisco itself is very strong.”
Cheney also attributed the city’s growth to its proximity to two airports, including DFW International Airport.
Sports: Cheney added that the city’s sports connections and offerings are one of its most attractive features.
The city is home to the Frisco RoughRiders, a minor league baseball team, and a major league soccer team, FC Dallas.
The Dallas Cowboys and the Dallas Stars also chose Frisco for the site of their practice facilities and headquarters.
Frisco will soon welcome the PGA headquarters, which will bring two championship golf courses, a conference center and a resort-style hotel.