Plano Market Update - August 2023

MARKET HIGHLIGHTS:

• Median Sold Price: $560,000

• Homes Sold: 175 (lowest since March)

• Sold to List Ratio: 100%

• Median Days on Market: 11.5 days

• Months of Supply: 1.6 months

• Homes Below Asking: 44%

• Price Appreciation (3-year): +49% since 2020

Plano's July market showed a significant pullback in transaction volume with just 175 single-family homes sold—the fewest since March. Despite lower sales, the median price climbed to $560,000, continuing the year's upward trend as prices rose every month in 2023. With 1.6 months of supply and the sold-to-list ratio holding at 100%, sellers maintained pricing power even as mortgage rates pushed into the sevens.

The "lock-in effect" was becoming evident: with 92% of homeowners holding rates below 6%, the inventory shortage showed no signs of easing. Days on market ticked up to 11.5 days, and negotiability was increasing—44% of homes sold below asking price, though typically just 1-2% below. Multiple offers remained common, with some sellers still capturing 5-7% premiums above asking for well-prepared homes.

For Plano home buyers, a window of opportunity emerged as summer vacations and rate shock reduced competition, offering more negotiating room than earlier in the year.

For Plano home sellers, the market remained strong with persistent low inventory, but success required doing the prep work—buyers paying premium prices were pickier and willing to pass on homes that didn't present well.

Want to understand how the 2023 "lock-in effect" is still impacting today's inventory? Let's connect →