The Truth About Home Prices in Plano, TX and North Texas

Are Home Prices in Plano, TX and North Texas Headed South?

Do you think home prices are going to take a nosedive in the coming year? Well, you're not alone. According to the latest info from Fannie Mae, around 23% of Americans believe that home prices will drop over the next twelve months. But why do so many folks feel this way?

It all comes down to the negativity that's been swirling around home prices lately. Since late 2022, the media has been bombarding us with scary stories about a possible price crash, and those worries are still hanging in the air. You might have heard friends or seen influencers on social media fretting about home prices falling.

But here's a thought for you: Which source should you trust more for accurate info – flashy clickbait headlines and social media buzz or the wisdom of trusted housing market experts?

The answer is pretty clear. It's wise to listen to the professionals who specialize in residential real estate.

So, let's dive into some reliable data. Experts in the housing market admit that on a national scale, prices did dip a bit late last year. However, that dip was short-lived. The data shows that prices have already bounced back this year after that slight hiccup in 2022 (check out the graph below):

But Fannie Mae isn't the only one singing this tune. Experts from all corners of the industry are echoing the same sentiment in their data. That's why most forecasts now predict that home prices will end up in the positive this year, not the negative. Take a peek at the graph below, which highlights the latest forecasts from various organizations:

What's even more interesting is that not too long ago, Fannie Mae was projecting a 3.9% appreciation for 2023. But in their latest forecast, that projection got bumped up to a whopping 6.7% for the year. This increase is a testament to how confident the experts are that home prices will indeed rise this year.

So, if you're convinced that home prices are going south, it might be time to switch gears and seek insights from the experts. They're shouting from the rooftops that prices aren't falling – they're climbing.

In a Nutshell

There's been a bunch of misleading info floating around about home prices in the past year, and it's still affecting how people view the housing market today. But here's the takeaway: don't believe everything you read or hear.

For trustworthy information, turn to the real estate experts. Their data proves that home prices in Plano, TX, and North Texas are on the upswing and are expected to end the year on a positive note. If you've got questions about what's happening in our local area, let's chat.