Plano Market Update - August 2023
Plano > Market Intelligence > Plano Market Update - August 2023MARKET HIGHLIGHTS:
Homes Sold: 200 transactions
Median Sold Price: $526,500
Sold to List Ratio: 99.80% (below 100%)
Average Days on Market: 13 days
Homes Sold Above Asking: ~49%
Inventory: 1.5 months supply
Plano's August market showed interesting contradictions—while the median sold price dipped to $526,500 (down from July's $560,000), sales volume hit 200 homes, one of the highest counts this year. This price fluctuation reflects the mix of homes selling rather than declining values, as year-to-date prices remain up. With 1.5 months of supply and a 100% sold-to-list ratio, sellers maintain the upper hand despite the cooling trend.
The market dynamics are shifting toward more balance. Homes took 13 days to go under contract, and this timeline appears likely to extend further into fall. While 49% of sellers still achieved their asking price or better, the era of automatic multiple offers is fading. Mortgage rates climbing to 7% haven’t crushed demand—200 sales proves buyers are still active—but they are becoming more selective about value.
For Plano home buyers, negotiability is returning as competition decreases and inventory inches upward, creating the first meaningful opportunities since the pandemic frenzy.
For Plano home sellers, the market remains favorable with 1.5 months of supply, but success requires patience, strong presentation, and strategic pricing rather than simply listing and hoping for a bidding war.
Curious how September 2023's market shift affects you? Let's discuss what's changed for buyers and sellers →
Note: The video market update was prepared with the most current data available at the time of filming. This post has been updated to reflect finalized historical data.
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