Real estate report

North Dallas neighbor takes new title as No. 1 U.S. housing market, report says

No wonder businesses are choosing to open in McKinney.

Photo courtesy of City of McKinney

When it comes to places to buy a house, you can't do any better than McKinney. So says WalletHub's highly anticipated 2023 report on the best real estate markets in the U.S.

The new study by the personal finance website, released August 22, names McKinney the No. 1 most attractive real estate market in the country. It's followed closely by No. 2-ranked Frisco.

Dallas-Fort Worth housing markets have dominated WalletHub's report throughout the years, showing resilience as other markets rise and fall. McKinney and Frisco have been in the top five since 2021, but the 2023 report is the first time McKinney has dethroned Frisco from the No. 1 spot, after ranking No. 3 in WalletHub's 2022 edition and No. 4 in 2021.

With a great housing market come new businesses. It's no wonder that hot new restaurants, coffee shops, and other attractions are opening in McKinney or choosing the city for new locations.

July 2023 data from Realtor.com shows median home prices in McKinney have fallen 2.8 percent year-over-year to $550,000, with homes selling for an average 2.03 percent less than their asking price. Homes are spending an average of 30 days on the market, another indicator that buyers are willing to hold out for that perfect home for the right price.

Potential owners should attempt to buy their home soon while sellers are more willing to negotiate on housing prices in the wake of higher interest rates, according to Kelly Snider, an urban regional planning professor at San Jose State University.

"More important for the housing market is that brokers and agents pay attention to what buyers want and spend less time listening to what sellers 'expect' or "deserve,'" Snider said in the report. "It is becoming a buyers' market, and 2024 should be good for people looking to buy a house."

Two additional Dallas-Fort Worth cities, Denton (No. 4) and Allen (No. 6), earned top 10 spots for the second year in a row. Denton moved up four spots from No. 8 in 2022, while Allen fell four spots from No. 2.

Other Dallas-Fort Worth area cities that earned spots in the report include:

No. 22 – Fort Worth
No. 24 – Plano
No. 28 – Richardson
No. 36 – Irving
No. 42 – Carrollton
No. 43 – Dallas
No. 53 – Grand Prairie
No. 70 – Garland
No. 84 – Arlington
No. 120 – Mesquite

The study analyzed 300 U.S. cities across 17 metrics in two categories to determine the best real estate markets. Datapoints include median home price appreciation, ratio between rent to sale prices, housing affordability, job and population growth, and more.

The full report can be found on wallethub.com.

housing market McKinney Frisco real estate market home-for-sale

Real Estate News

Dallas real estate developer pleads guilty to bribing 2 city officials

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Dallas developer Sherman Roberts

Dallas real estate developer Sherman Roberts pleaded guilty on November 12 to conspiracy to commit bribery, according to a release from the U.S. Attorney for the Northern District of Texas Leigha Simonton.

Roberts, 70, who previously helmed City Wide Community Development Corporation, was indicted in December 2020. According to court documents, Sherman bribed two city council members — Mayor Pro Tem Dwaine Caraway and City Council member Carolyn Davis — to support loans and low-income housing tax credits for his apartment projects.

In return for several thousand dollars in cash – plus the promise of future payments after her city council tenure ended – Davis lobbied for Roberts' real estate projects, including Serenity Place, Runyon Springs, and Patriot’s Crossing.

She promoted Serenity Place to the City Housing Committee, demanded other developers also seeking real estate funding withdraw their applications in order to increase Roberts' chances of success, recommended Serenity Place receive a 9 percent low income housing tax credit, and voted to approve a $1.9 million loan from the city of Dallas.

“Right now you and me are making money,” Roberts texted Davis shortly after the vote.

Later, she repeatedly reached out to ask for more money — "just a few dollars" — and he agreed.

Davis and Roberts then met with Caraway to address a problem with the Patriot's Crossing project. In return for several hundred dollars cash and a $2,000 monthly stipend, Caraway agreed to stop the city from issuing a request for proposal (RFP) for the Patriots Crossing project and to deliver the project for Roberts.

“How much is the project worth?” Mayor Pro Tem Caraway asked. “Once you’re successful with this project, don’t forget about me.”

“I won’t forget about you,” Mr. Roberts responded. “That’s where the money is… the money has never been an issue.”

Roberts now faces up to five years in federal prison. He is slated to be sentenced on March 12, 2025.

Caraway pleaded guilty in 2019 to conspiracy to commit honest services fraud and tax evasion and was sentenced to more than four years in federal prison.

Davis pleaded guilty in 2019 to conspiracy to commit bribery concerning an agent of a local government receiving federal benefits, but passed away in a car crash before she could be sentenced.

Roberts was one of three real estate developers charged in connection with the bribery scandal. Devin Hall, the developer behind the Grand Park Place apartment project, pleaded guilty in August 2020. Ruel Hamilton, the AmeriSouth Realty Group executive who backed the Royal Crest housing project, is awaiting retrial on conspiracy and bribery charges.

The Federal Bureau of Investigation’s Dallas Field Office conducted the investigation with the assistance of IRS – Criminal Investigation’s Dallas Field Office. Assistant U.S. Attorney Marcus Busch is prosecuting the case with the help of Assistant U.S. Attorney Donna Max.