Plano Market Update - January 2023

MARKET HIGHLIGHTS:

• Median Sold Price: $490,000 (December 2022)

• Homes Sold: 137

• Sold to List Ratio: 98%

• Median Days on Market: 32 days

• Months of Supply: 1.8 months

• Inventory: 245 homes (entering 2023)

Plano's December market closed 2022 with 137 home sales and a median price of $490,000, setting the stage for 2023 expectations. Entering the new year with 245 homes for sale represented 1.8 months of supply—firmly a seller's market across all price points following strong luxury activity in December. The 98% sold-to-list ratio showed healthy seller pricing power, though the 32-day median days on market reflected the cooling from pandemic-era frenzy.

The prediction for 2023: stable prices with modest 3-4% appreciation driven by inflation and continued capital flowing into real estate as a tangible asset. The market had returned to pre-pandemic dynamics where homes required a few weeks to a month to sell—a more sustainable pace than the bidding war chaos of 2021-2022. "Smart money" on Wall Street continued raising significant capital for single-family home investments, suggesting confidence in the sector.

For Plano home buyers, January 2023 presented opportunity with more choices, less competition from hibernating buyers, and rate stability—timing the market for crashes risked missing years of appreciation, as Wall Street clearly bet on continued real estate strength.

For Plano home sellers, avoiding ambitious pricing was critical—strategic pricing slightly below market value could trigger bidding wars, while overpricing meant chasing the market down over 60-75 days and ultimately accepting less than properly priced from the start.

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