Plano Market Update - August 2022

MARKET HIGHLIGHTS:

• Median Sold Price: $538,000

• West Plano: $707,500

• Central Plano: $510,000

• East Plano: $435,850

• Homes Sold: 221

• Sold to List Ratio: 102%

• Median Days on Market: 8 days

• Current Inventory: 343 homes (1+ month supply)

• Pending/Under Contract: 300 homes

• YoY Price Change: +19%

Plano's July market continued the deceleration trend with 221 sales—down significantly from 347 in July 2021—and the median price at $538,000, though still up 19% year-over-year. The sold-to-list ratio cooled to 102% with 75% of homes selling at or above asking, while days on market climbed to 8 days. With 343 homes available and 142 showing price reductions, the inventory situation eased considerably though remains below pre-pandemic norms.

The pricing narrative requires context: active listings average $235/sqft while recent sales closed at $221/sqft, showing a gap between seller aspirations and market reality. This reflects a supply-demand mismatch as buyers paused amid rate concerns while sellers flooded the market in June-July. The median decline from $585K to $538K was more about mix shift than value erosion—fewer luxury sales pulled the median down as that segment cooled first.

For Plano home buyers in late summer 2022, rates dipping below 5% for prime borrowers combined with increased negotiability create opportunity, though the best homes still attract competition requiring strong offers.

For Plano home sellers, ambitious pricing is backfiring—the top quartile still captured 7%+ premiums through excellent presentation and strategic pricing, but overpriced homes sat while properly priced properties moved at or above asking within reasonable timelines.

Summer's shifting dynamics require smarter strategies. Ready to position yourself for success in the new normal? Let's talk →