Plano Market Update - February 2023

MARKET HIGHLIGHTS:

• Median Sold Price: $506,250

• Homes Sold: 108 (fewer than January 2022)

• Sold to List Ratio: 98%

• Median Days on Market: 27.5 days

• Months of Supply: 1.3 months

• Inventory: 145 homes (70-80 estimated as "stale")

Plano's January market showed modest transaction volume with just 108 homes sold—fewer than the prior January despite market expectations. However, the median price of $506,250 demonstrated healthy price levels as homeowners continued sitting on substantial equity. With 145 homes available entering February and only 1.3 months of supply at current sales rates, the market remained strongly tilted toward sellers, particularly in mainstream price points.

An interesting inventory dynamic emerged: of the 145 homes for sale, an estimated 70-80 represented "stale inventory"—overpriced, poorly presented, or unique luxury properties requiring special buyers. Meanwhile, well-prepared homes entered and exited quickly as buyers eagerly competed for turnkey properties. The 98% sold-to-list ratio and 27.5 days on market showed homes selling close to asking with reasonable but not excessive timelines.

For Plano home buyers, the environment offered twice as many options as a year prior with less competition and rate stability around historical norms—a cautionary tale existed for those waiting for crashes, as first-time buyers who delayed during the pandemic found themselves priced out entirely by 2023.

For Plano home sellers, opportunity abounded with limited competition, but success required turnkey presentation as buyers expected move-in ready condition for homes built in the '80s and '90s that competed for 2023 pricing.

Interested in how January 2023's market dynamics set us up for the remainder of the year? Let's connect →