McKinney, TX is one of the fastest-growing cities in the nation. From affordable housing to low unemployment to a high quality of life, McKinney offers residents a wealth of attractive incentives. If you’re thinking of buying a home in McKinney, take a look at the following economic statistics and real estate updates:
- Population as of 2010: 131,117
- Unemployment rate as of December 2012: 5.9% (national rate is 7.4%)
- Homeownership rate 2007-2011: 72.3%
- Median household income 2007-2011: $80,855
- Estimated median home value: $171,400
- Median list price: $239,500
- Median sale price: $188,700
- Homes foreclosed: 2.49 per 10,000
- Estimated median rent price: $1,623 per month
- Popular zip codes: 75070, 75093, 75002 and 75023
- Homes currently for sale: 1,415
- Homes recently sold: 5
Summary: McKinney’s economy is faring well, despite sluggish improvements nationwide and fluctuating local real estate values. Although the estimated median home value for homes in McKinney dropped slightly (-2.7 percent year-over-year), the median list price shot up more than 14 percent since 2011. In other good news, the number of foreclosures has dropped -5.2 percent year-over-year, helping to alleviate the level of distressed inventory. Estimated rent prices have increased 3.3 percent year-over-year, which may inspire more people to buy rather than rent. Current mortgage rates remain near historic lows but analysts predict that they may rise slightly in the near future, so if you’re looking for a good deal on McKinney home, the time to act is now!
If you would like to learn more about McKinney, TX home financing and current mortgage rates, don’t hesitate to call our office at (972) 591-3097. We’ll be happy to review your information and help you get pre-qualified for a home loan. From FHA mortgages to condo loans and just about anything in between, we can help you find the best mortgage program for your needs!