There is no shortage of shoppers at open houses in Plano, with nearly a dozen potential buyers stopping by on one home's first day on the market.
A Florida couple looking to relocate from one Plano home to another took the week to see where the market stands.
"They were different price rangers just to see what you get for your money," said Debbie Shaffer.
According to recent data, the median sales price for homes in North Texas rose 10 percent in August, but inventory of homes on the market dropped by nearly 15 percent.
Real estate agents last month sold 10,223 preowned single-family homes through their multiple listing service. It was the third month in a row that resales in North Texas topped 10,000 — a new record, according to our media partners at The Dallas Morning News.
And with pending sales for next month 50 percent higher than a year ago, it’s likely the home market will hit new highs in September.
And that's even with the average price of a single-family home costing $210,000 in Aug., The Dallas Morning News reported.
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“Everything we are hearing from the Realtors and the builders is the demand remains very strong,” housing analyst David Brown with Metrostudy Inc. told The Dallas Morning News. “A lot of times when a home is formally listed for sale it’s already under contract.”
In Plano specifically, realtors tell NBCDFW there's a shortage of move-in ready homes. As a result, homes are priced higher than buyers may expect, simply because inventories are so low.
"Collin County, particularly Plano is at the lowest it has ever been," said Georgia Vincent-Leitch, from Nathan Grace Real Estate.
"I'm seeing a lot of buyers out there that cannot find a home. There's so many people from other states, California, that are coming into the area and its frustration, there are multiple offers on homes," Vincent-Leitch said.
Realtors warn the competition could get even steeper with headquarters like Toyota and Liberty Mutual set to bring thousands of additional jobs – and more people – to the doorstep of one of the most desirable cities in North Texas.
Steve Brown of The Dallas Morning News contributed to this report.
