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New Development Coming to Popular Dallas Suburb
September 15, 2021

New Development Coming to Popular Dallas Suburb

by The CE Shop Team

The Details on Dallas’ New Real Estate Development

In the wake of its unprecedented growth, Celina, a suburb of Dallas, will break ground later this year on a huge 3,200-acre new development project set to add 11,000 single-family homes to the area's inventory. The Legacy Hills development comes at the eleventh hour as Dallas’ home inventory is quickly draining, hitting a record low of just over one month in July 2021.

Dallas’ Dwindling Housing Inventory

Home prices in North Texas and across the country have seen significant gains as demand for houses has risen. The Dallas-Fort Worth real estate market is following this trend as the median home price in Dallas is currently$402,000, a 10.1% increase year-over-year. The median number of days a home stays on market is 23 days, which is a 42.5% decrease year-over-year. Let's break down some noteworthy Dallas-Fort Worth real estate facts to outline just how helpful the Legacy Hills development may prove to be.

Key Dallas-Fort Worth Housing Stats

New Legacy Hills Dallas Development Project

Housing Demand

  • The sales volume for single-family homes decreased 4.2% year-over-year (YoY) from 10,552 in 2020 to 10,109 transactions in 2021.
  • Year-to-date sales reached a total of 48,645 closed listings.
  • Dollar volume rose from $3.73 billion to $4.56 billion.

Housing Prices

  • The average sales price rose 27.7% YoY from $353,032 to $450,922.
  • The average price per square foot rose from $145 to $179.
  • The median price per square foot also increased from $137 to $168.

However, there is a glimmer of hope. As more new development plans are set in place, real estate experts are optimistic the market will cool off slightly, allowing more buyers a fair shot at finding their dream home. To further curb the chaotic real estate market, cities like Celina are working on issuing more residential building permits. One such recipient was the Centurion American Development Group, and they aim to make Legacy Hills their largest mixed-use project yet.

New Development Details

Centurion American Development Group says the Legacy Hills project will be built near Legacy Drive and Celina Parkway. If each home is sold and three people live in each residence, it would boost Celina’s population by about 33,000 people. Given its scope, the project will employ seven homebuilders to get everything off the ground.

Rex Glendenning, CEO of Austin-based REX Real Estate, brokered the land acquisition for Centurion American and its founder, Mehrdad Moayedi.

“We’re planning for Legacy Hills to become the most sought-after address in Collin County,” Moayedi said in a news release announcing the project details. “With an array of onsite amenities, a prime location, and ample open space, this development will be a true lifestyle experience for future residents.”

Highlights of Legacy Hills include:

  • 7,000 single-family homes
  • 4,100 multifamily units
  • 100 acres of commercial development
  • 27-acre sports park
  • Two 12-acre parcels for future Celina ISD schools
  • Two seven-acre fire and police stations
  • A network of walking trails with abundant amenities
  • Seven amenity centers
  • Championship golf course

As the real estate market remains hot heading into fall, new developments like Legacy Hills will be a catalyst for much-needed market cooldowns. Hopefully, the other 1,300+ residential building permits issued by the city of Celina offer similar relief. 

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