McKinney leads the year with the largest increase in new housing in Collin County

For the third year in a row, McKinney holds the top spot in Collin County for most new home starts, and Princeton and Celina round out the top three, according to 2023 data from Residential Strategies, Inc.

Construction began on 2,749 new homes in McKinney during 2023, most in the northern sector. New home construction in Princeton followed closely behind with 2,641, then Celina with 2,144.

McKinney Mayor George Fuller said the city's commitment to safety, education and quality of life make it the ideal choice for those looking for a place to work and call home.

“McKinney is a community where families can thrive, businesses can thrive and dreams can come true,” Fuller said. “Our historic and vibrant downtown and focus on community events, cultural and performing arts, along with our commitment to open spaces, parks and trail systems, all create a cohesive community that is attracting residents at a record pace.”

McKinney City Manager Paul Grimes values ​​the city's economic, social and cultural environments.

“The economic environment in North Texas and Collin County continues to bring jobs, youth and optimism. Second, the social capital we've built in McKinney is the special sauce that draws people to the great heart and sense of community of our community,” Grimes said.

McKinney, Princeton and Celina were the main drivers in Collin County's new home growth of 13,045 last year, up from 11,876 in 2022, according to data from RSI, a Dallas-based analytics company focused on local Texas housing markets. .

The same three cities topped the list in 2022, with McKinney's new starts at 2,311, Princeton at 2,211 and Celina at 1,326.

A repeat of the top three occurred in 2021, with McKinney hitting 2,777 home runs. That year, Celina's new home start of 2,391 landed the city at No. 2 for the year followed by Princeton with 2,144.

Brianna Chacón, the mayor of Princeton, which borders McKinney to the east, credits the city's affordable housing, which she said is rare in Collin County, plus top-notch schools and a diverse and flourishing.

“Princeton is more than a city; it's a vibrant community that welcomes everyone with open arms,” Chacón said. “It's no wonder residents are flocking to call Princeton home. From families seeking quality education to professionals seeking opportunity, our city offers something for everyone, making it the ideal destination to live, work and thrive.”

Celina Mayor Ryan Tubbs also cites quality schools and public safety as reasons for buyers to choose Celina, one of the county's fastest-growing cities, located northwest of McKinney near the Northern Expressway extension of Dallas.

of Dallas North Road, along with US 380 are expected to help handle Collin County's growing population, which is expected double by 2060according to projections from the Texas Demographic Center.

The latest data shows several Collin County cities with significant population growth as of 2020 Celina at 97% growth and Princeton at 55%.

“This dedication to the heart of Celina, coupled with a bold vision for a strong future as the North Dallas and Preston Road areas continue to develop, creates an unparalleled synergy that draws people here,” said Tubbs.

Dallas housing analyst Ted Wilson said the Collin County market has remained stable, especially over the past year when interest rates rose close to 8%.

“The same can't be said for the rest of D-FW. It's been a two-pronged market,” said Wilson, principal with Residential Strategies. “While rates went above 7% in the late summer period, many of the markets south of D-FW really saw a slowdown in activity. Now the rates are back below 7% again. It is useful. … There is more activity, but the Collin County market has just remained extremely resilient.”

Wilson said what characterizes the new home market, especially in northern Collin County, is a high concentration of move-up buyers and luxury buyers.

“A lot of those who come here have great equity where they're moving from, and so they're able to afford the more expensive homes,” he said.

Wilson said a large percentage of the Collin County market is made up of cultural shoppers, Asian and South Asian families.

“They are very attracted to the high-quality school districts that are evident throughout Collin County,” he said.

Wilson said the spring season looks promising for sales to remain strong in the county.

“We are encouraged by what this year will bring. It looks like all of the Fed's rate hikes have come to an end,” he said. “So while rates may not fall dramatically down the road, it's certainly helpful for them to move from above 7 % at which they had been for the latter part of 2023.”

Wilson said the rate is about 6.6% currently, and that seems to be working.

“We're already hearing from builders, they're revving their engines,” Wilson said. “The buyer traffic is out, and while it's still early and the weather hasn't cooperated well, there are a lot of buyers looking at homes.”