Prosper, Texas is starting off 2010 very lean in housing inventory.Â The home builders have scaled back on the number of spec homes they're building at any one time to just a few, and our resale numbers are the lowest they've been in the MLS in two years.Â From a residential leasing inventory standpoint, Prosper, Texas is down to almost bare bones.Â
Homes for sale in Prosper, Texas:
As of this morning (1/25/10), there are only 131 homes for sale in the North Texas MLS in Prosper, Texas.Â The homes range in price from $129,900 to $21,000,000 (the latter of which is a celebrity home, that, although it skews the marketÂ a little bit, I will show you it doesn't adjust the stats much when it is removed from the picture).Â
The average home for sale in Prosper, TX looks like this:
4 bedroom, 3.5 bathroom, 3-car garage, 4098sf of living space, 1.9 acres of land, built in 2004, average asking price $673,886
If I remove the lowest and highest priced homes from the inventory report, the average homes for sale in Prosper, Texas really don't change all that much:
4 bedroom, 3.5 bathroom, 3-car garage, 3924sf of living space, .82 acres of land, built in 2004, average asking price $520,000
Homes for Lease in Prosper, Texas:
There are currently only eight (8) homes for lease in Prosper, Texas.Â That's more than lean inventory on leasing.Â That's downright skeletal.Â Ranging in asking price from $1700 per month to $11,000 per month, the average home for lease in Prosper, Texas looks like this:
4 bedroom, 3.2 bathroom, 3-car garage, 4011sf of living space, .64 acres, built in 2006, with an average lease list price of $4,094/month.
The demand for residential leasing in Prosper has been great.Â It's a sign of the times in other parts of the country.Â People have jobs in DFW, and have moved here, but still have homes to sell in their originating city.Â They have no choice but to rent when they arrive in Texas, and there is big demand to rent in Prosper, TX.Â Why?Â The tenants are saying that they want to rent in the town where they'd like to buy.Â Not only that, but in many cases, the tenant is stating that they'd like to rent the house they intend to buy.Â Nobody likes the expense and inconvenience of moving twice.Â
If you are a DFW local and drive through Prosper, Texas, you'll find activity in every neighborhood.Â Slabs are being poured.Â Framing is going up.Â Spring spec homes are entering their final phase of construction. And, for sale signs have thinned significantly.Â Our market is strong.Â In fact, the three areas that have made my phone ring the most in the last 60 days have been:
#1 Prosper, TX, zip code 75078
#2 McKinney, TX, zip code 75070
#3 Celina, TX, zip code 75009
Have a blessed day!