Plano Market Update - April 2023

MARKET HIGHLIGHTS:

• Median Sold Price: $531,500 (flat year-over-year)

• Homes Sold: 170

• Sold to List Ratio: 100% (median), 102%+ (top 10%)

• Median Days on Market: 11 days (down from 22 in prior months)

• Months of Supply: Less than 1 month

• Homes at/Above Asking: 55%

Plano's March market showed signs of acceleration as spring arrived. With 170 single-family homes sold and the median price at $531,500—matching March 2022 levels—the market demonstrated stability rather than the dramatic swings of the prior year. The most striking shift came in days on market, which dropped from 22 to just 11 days as buyer activity intensified with warming weather.

Multiple offers returned across the market, with 55% of homes selling at or above asking price and the top 10% commanding 102% or more of list price. At less than one month of supply across all price points—even in the luxury segment—the inventory shortage created a strong seller's market. However, unlike 2022's frenzy where buyers grabbed any available home, 2023 buyers proved more selective, expecting significantly more value for their higher monthly payments.

For Plano home buyers, the message was clear: don't wait for dramatic price drops or assume negotiability—the supply-demand imbalance still favored sellers, and future rate decreases would likely bring more competition back to the market.

For Plano home sellers, timing favored action with minimal competition and strong demand, but success required strategic pricing and excellent presentation as pickier buyers were willing to pass on homes that didn't meet their elevated expectations.

Curious how this year’s Spring Market dynamics are going to affect you? Let's connect→