Richardson | July 2022

2022 REAL ESTATE EDITION

INCOMES IN RICHARDSON While Richardson’s median household income has steadily increased in recent years, data shows it is not increasing at the same rate as median home prices. According to the latest data from the U.S. Census Bureau, these gures show how the estimated median household income compares to the median home sales price in Richardson from 2015-2020.

because of the shift toward working from home, which has given them more incentive to sell their houses. “The days of having to choose where you lived based solely on your job are over,” Webb said. Finding a home Richardson is 96% developed, with the remaining undeveloped land not being planned for housing projects, according to Magner. Still, portions of the city have been the focus of redevelopment projects, which have incorporated mixed-use developments with housing, retail and oce elements. Projects being designed or under construction include the Belt+Main development, which will add 350 multifamily units and 7,000 square feet of resident ame- nities in addition to 15,000 square feet of restaurant and retail space. Magner said these types of projects incorporate Richardson’s focus on “workforce housing.” This alterna- tive to aordable housing projects is designed to be both cost eective and convenient for workers. The Belt+Main project and Dallas Area Rapid Transit’s

Arapaho Station will combine retail shopping, dining and modern housing units, according to city ocials. “We are working with developers to create multifamily units that are smaller,” Magner said. “These units are cost eective for certain segments of the workforce.” However, some residents have said multiuse developments can present issues for those living in traditional single-family neighborhoods. Ball said residents in the Highland Terrace neighborhood, which is located next to the Belt+Main development, are expecting to have noise and speeding issues once the complex is built. “Highland Terrace has a big prob- lem dealing with the increase in traf- c volume,” Ball said. “We are very concerned about even more prob- lems once the new apartment com- plex is complete.” Potential market eects The increase in interest rates is also expected to have a dramatic impact on the amount of homes being sold. Durkin said he has seen a large number of homes ooding the market in a rush

2015 median home sales price in Richardson: $237,500 2020 median home sales price in Richardson: $325,000 Increase from 2015 to 2020: 36.8%

2015 median household income in Richardson: $72,427 2020 median household income in Richardson: $85,350 Increase from 2015 to 2020: 17.8 %

SOURCES: COLLIN COUNTY ASSOCIATION OF REALTORS, U.S. CENSUS BUREAUCOMMUNITY IMPACT NEWSPAPER

to get ahead of the interest rate spike. Once interest rates rise, Durkin said homeowners should expect to lower asking prices to accommodate increased mortgage payments. “Interest rates rising is going to sup- press that house price and drive the market down,” Durkin said. “There’s either going to be less demand or you’re going to go nd something that’s cheaper to meet the new monthly mortgage payment.” Durkin said increased interest rates

are often the rst step in a market recession, which could impact the entire economy. “Everyone should be concerned about it,” Durkin said. “I think we should put our minds together to determine what we can do to oer services and support the community as a whole.”

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RICHARDSON EDITION • JULY 2022