Allen Real Estate Statistics & Trends

As of the conclusion of 2023, Allen, TX, showcases a real estate landscape marked by resilience, affordability challenges, and strategic opportunities. The city closed the year with a median sales price of $540,000 for single-family homes, representing a decrease of 5.3% from 2022. However, the impressive 170% increase from the 2008 Great Recession underlines the long-term appreciation and stability in Allen's housing market.

The average days on market in 2023 experienced a slight increase, rising from 21 to 32 days. Despite this, it is the third lowest figure since 2008, reflecting the overall efficiency of the market. Remaining below the 90-day mark, Allen continues to be identified as a seller's market. In 2023, 963 homes sold, marking a 13% decrease from the previous year and a third less than the sales volume observed in 2008. This emphasizes the ongoing challenge of low inventory not only in Allen but also in the broader Dallas-Fort Worth area.

Sales price distribution analysis highlights that three-quarters of Allen homes sold within the $300,000 - $699,999 price range. Notably, the $700,000 - $799,999 price band experienced a 30% drop in sales from 2022 to 2023 (126 homes sold vs. 88 homes sold), indicating a shift in buyer preferences.

Looking ahead to 2024, Allen is poised to sustain its seller's market status. With interest rates continuing to decrease (measuring 6.61% for a 30-year fixed mortgage as of December 31, 2023), homeowners can anticipate favorable equity outcomes. While buyers remain active, the market may not experience the intense competition seen in previous years. Affordability remains a concern, with median home values hovering around $550,000.

For those considering selling their Allen homes in 2024, strategic planning is key. Feel free to reach out for collaborative efforts to ensure a successful sale in this dynamic and evolving real estate environment.