Mckinney, TX

The market in this ZIP code is currently classified as Cooling. While the median listing price has seen a modest month-over-month increase, the year-over-year decline in median listing price and median price per square foot, combined with a significant share of price reductions, suggests a rebalancing of market dynamics. Active and new listings have both decreased year-over-year, but the overall pending ratio indicates a more tempered pace of transactions.

The median listing price recorded a 1.4% increase month-over-month, yet remains down 2.8% year-over-year. Active listings have contracted by 9.4% over the past year, and new listings have seen a more pronounced decline of 14.3% year-over-year. The median days on market held steady year-over-year. The share of listings with a price reduction increased by 1.2 percentage points year-over-year, reaching 37.6% of the market. The pending ratio stands at 0.26, reflecting a 3.4% year-over-year increase.

With a Cooling classification, the market indicates that price discipline is increasingly important for sellers, as evidenced by a substantial 37.6% of listings experiencing price reductions. The year-over-year decrease in median listing price and median price per square foot suggests a recalibration of value. For buyers, the stable median days on market and the slight year-over-year increase in the pending ratio indicate a market where transactions are still occurring, but with potentially less immediate pressure for rapid decisions.

The average listing price of $570,295 is notably higher than the median listing price of $505,000, indicating the presence of a segment of higher-priced properties in this ZIP code. The median price per square foot is $207, which has decreased 2.7% year-over-year. This spread suggests that the upper tier of the market commands a premium, although it is also subject to the prevailing market rebalancing observed in the broader data.