Mckinney, TX

The market in this ZIP is cooling, characterized by a decrease in new listing volume and a notable reduction in active listings over the past year. While the median listing price has increased annually, it has seen a slight month-over-month adjustment. The pending ratio suggests a more balanced pace of transactions relative to available inventory.

The most recent data indicates a year-over-year decline in active listings by 9.6% and a more significant decrease in new listings, down 31.3% over the past year. Despite this reduced supply, the median listing price has experienced an 8.3% increase over the past year, though it saw a 1.3% reduction in the most recent month. Median days on market have compressed by 5.6% year-over-year to 59 days, and the share of listings with price reductions has decreased by 3.2% over the past year to 27.2%. The median price per square foot has seen a modest 2.4% increase over the past year. The pending ratio, currently 0.29, reflects a 4.4% year-over-year decline.

The reduced inventory, particularly in new listings, combined with a lower pending ratio, points to a market with less pressure on immediate transactions. While properties are moving slightly faster with fewer price reductions compared to the prior year, the overall reduction in market velocity and a slight month-over-month price adjustment suggest increasing importance of price discipline for sellers. Buyers may find a more considered pace for negotiation due to the cooling pending ratio, despite the continued annual appreciation.

The significant spread between the median listing price of $529,500 and the average listing price of $758,615 indicates a strong concentration of properties at higher price points influencing the average. The average listing price has seen a 2.0% decrease over the past year. The median price per square foot across the market is $257, providing a baseline for value assessment, with top-tier properties likely commanding a premium above this median figure. This segment appears to be undergoing a price recalibration, as evidenced by the annual decrease in average listing price.