Everyone asks me about the housing market in Coppell. Or, they tell me "you must be loving this hot market". The assumption seems to be that all you have to do is put a sign in the yard and maybe some quick iPhone pictures in the MLS, and you'll get multiple offers above asking price in no time here in Coppell.
Well, not so fast. True, the housing market in Coppell (and the surrounding suburbs) has been a seller's market for a good 5 or 6 years now. However, it's not true that every home sells fast, and at an astronomical price in Coppell.
So far in 2017 (through September 21), the median sales price of residential, single detached homes in Coppell has gone up 2.92% compared to the same period in 2016. Most experts consider around 3% "normal", but the previous 4 years have seen increases of 10.67%, 7.14%, 10.24%, and 10.43%. So we are certainly due for a slowdown. If we look back over the past 10 years, the rate of increase has averaged a little over 4.5% per year, which includes one year (between 2008 and 2009) when the median price dropped by 6.62% in Coppell.
So far in 2017, I've seen an increase in price reductions, and in "expired" listings (listings that just don't sell at all before their listing period expires) in Coppell. With 480 expired listings this year, that is the most of any year except 2011 with 493 in the past 10 years.
There isn't any reason to be overly alarmed or panicked, though. There is still a tremendous buyer demand for homes in Coppell, especially within the highly rated Coppell Independent School District. The median days on market so far this year is just 16 days, which is still great. Between 2008 and 2012, the median days on market averaged a little over 33 days in Coppell.
Even more interesting are the numbers when you drill down to specific neighborhoods and housing specifications. I would love to review the details with you for any neighborhood, or even for any of Coppell's neighboring communities. Just give me a holler!
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