Plano Market Update - December 2022

MARKET HIGHLIGHTS:

• Median Sold Price: $460,000

• Homes Sold: 141

• Sold to List Ratio: 98.8%

• Median Days on Market: 20 days

• Current Inventory: 329 homes (2.3 months supply)

Plano's November market closed out the year with 141 sales at a $460,000 median—the lowest point since early in the year—though the sold-to-list ratio of 98.8% and 20-days on market shows homes are still selling relatively quickly and close to asking prices. At 2.3 months of supply, the market technically remained seller-favorable overall, but the breakdown by price point told the real story: the luxury segment ($750K+) showed significant softening with the $1M+ market reaching 7 months of supply (buyer's market territory).

The median decline to $460K primarily reflects the luxury slowdown—fewer high-end sales pulled the overall number down rather than indicating widespread price crashes. The surprise development came in interest rates, which retreated back into the 5s for prime borrowers after climbing toward 7%. Entry-level and mainstream price points maintain healthy dynamics while the high-end leds the cooling, a typical pattern in market transitions.

For Plano home buyers closing out 2022, rates back in the 5s combined with increased negotiability create opportunities, with strong demographic trends (continued Texas migration, millennial home buying) suggesting waiting for dramatic price drops is wishful thinking.

For Plano home sellers heading into 2023, realistic pricing is essential—aspirational pricing 10-15% above market fails consistently, while strategic pricing at current value typically achieves asking price or better, with 25% of well-presented homes still capturing premiums even now in late 2022.

Closing out 2022 with rates in the 5s and negotiability returning—ready to position yourself for 2023 success? Let's strategize →