Market Conditions in 75002>Question Details

Bill Moore, Home Buyer in McAllen, TX

What is with the sudden spike in price per square foot in 75002?

Asked by Bill Moore, McAllen, TX Sat Sep 14, 2013

It has been floating around the $60 mark for years. What happened to cause a spike to $96 with a 3 month average of $81? Is that sustainable or just an anomaly?

Help the community by answering this question:


Active properties in Cottonwood Bend range from $79.90 to $111.49 per sq. ft. at this time. The average is $92.89 and the median is $91.88. Sold properties over the past 6 months range from $60.83 to $105.08 per square foot. The 6 month average is $90.69 and the median is $91.69. Based on the past 6 months, I would say prices in Cottonwood Bend are stable.
1 vote Thank Flag Link Sat Sep 14, 2013
Thats exactly what I needed to see. Thank you Dorian
Flag Sun Sep 15, 2013
Hi Bill-

75002 encompasses such a broad price range that you have to break down by subdivision. North Texas, on a whole has a price increase this year of over 12.5% on pre-existing home sales since the same period of 2012.

When a market analysis is prepared it is done within the homes subdivision. A real estate agent can't use a zip code to prepare a CMA.

I haven't seen $60 sq. ft in Allen or Plano in 75002 for years. There were quite a few areas that saw foreclosures so perhaps that's where you are getting your number.

There are parts of Allen that are still in the $60's but those are very old homes and will not see much increase in value based on the home so they will remain in the $60's for some time.

Hope this helps.

Sherry Renfroe
Ebby Halliday Realtors
2 votes Thank Flag Link Sat Sep 14, 2013
Thanks Sherry,
The subdivsion im looking at is Cottonwood Bend in Allen.
Is there any insight you can give me on that particular subdivision?
Flag Sat Sep 14, 2013
The 75002 zip code covers a very large area with a HUGE price differential. You have homes in Parker on acreage with significant price tags, and you have smaller homes in parts of Allen with much more attainable prices. An average price per square foot in that area would not be a good indicator of that area as a whole.....where breaking it down into smaller geographic areas within the zip code would.

Please know that regardless of what part of the area you look at, the prices are always set by Supply and Demand in the market. Over the past few years the supply has been high and the demand has been relatively low. Over the past 9 months or so the supply has been VERY low and the demand has seen an increase. This has made the real estate market go into a strong sellers market across the Metroplex. Homes in all parts of town have been selling for more than their list price with multiple offers usually within days of hitting the market. With that information in mind, the average cost per square foot has increased in almost every city in our area over the past 9-months or so.

At this time, there is nothing upcoming to suggest that the home prices will decline....and we are expecting to remain in a sellers market for the foreseeable future. However - there is no certainty in the future movement of the market.

I hope this information is helpful. However, if you would like more detailed information about a specific part of town, please feel free to contact me. I would be happy to assist you.


Melissa Hailey - North Texas Top Team, Realtors
Coldwell Banker Jane Henry Realtors
1 vote Thank Flag Link Sun Sep 15, 2013
Very simple. Supply and demand. We are working with an extremely low inventory now. All the cheap homes sell quickly. This will easily skew the numbers. Using price per square foot for an entire zip code is not a good indicator for any useful information.
1 vote Thank Flag Link Sat Sep 14, 2013
Thanks Dorian,
The same question as below. Can you provide any insight on Cottonwood Bend in Allen?
Flag Sat Sep 14, 2013
Bill, along with what my colleagues have stated, there has been a huge spike in demand, which we know, high demand with low inventory raises prices.
0 votes Thank Flag Link Thu Jan 16, 2014
I think the main reason is Allen is pretty popular right now and in this price range there are not a lot of homes for sale. Now more or less about entry level for Allen.

You can check out prices and homes for sale in this neighborhood at this link:…

If you want alerts on new homes coming on the market in this neighborhood just let me know.
0 votes Thank Flag Link Thu Sep 26, 2013
Bruce Lynn, Real Estate Pro in Coppell, TX
As far as sustainability goes... I will have to check my crystal ball! :) Allen is a solid area to invest in real estate. While price tend to go up and down like any other area, I have not seen huge peaks and valleys like some other areas. My personal property has been very stable for the past 13 years with some nice increases the past two years. I don't see prices coming down for the foreseeable future.
0 votes Thank Flag Link Sat Sep 14, 2013
You also need consider the price of construction over the past 12 months as increased which will make pre existing homes more expensive

Lynn911 Dallas Realtor & Consultant
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972-699-9111 100's of Dallas homes listed for sale or lease

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0 votes Thank Flag Link Sat Sep 14, 2013
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