Plano Market Update - July 2022

MARKET HIGHLIGHTS:

• Median Sold Price: $575,000

• West Plano: $832,500

• Central Plano: $530,000

• East Plano: $530,000

• Homes Sold: 243

• Sold to List Ratio: 107%

• Median Days on Market: 6 days

• Current Inventory: 269 homes (nearly double June)

• Pending/Under Contract: 298 homes

• YoY Price Change: +22.3% (from $470K in July 2021)

Plano's June market showed the first meaningful signs of shift as the median price pulled back to $575,000 from May's $585,000—though still representing 22.3% appreciation year-over-year from $470,000 in July 2021. Volume held at 243 sales while inventory nearly doubled to 269 homes entering July, creating perception of dramatic change though still representing less than one month of supply across most price points. The sold-to-list ratio cooled to 107% from earlier highs of 109-111%.

About one-third of current listings have reduced prices, though institutional sellers and builders accounted for a significant portion of these reductions. The 6-day median absorption and 107% sold-to-list showed the market remained competitive, just less frenzied than spring's peak. All three Plano regions showed similar patterns, with East Plano commanding the highest bidding at 108% sold-to-list. The shift felt dramatic compared to the extreme seller's market of prior months, but remained historically strong.

For Plano home buyers in summer 2022, more choices and slightly cooled competition offer the first breathing room in years, though top homes still attract multiple offers and require competitive strategies.

For Plano home sellers, the recalibration is real—listings need excellent presentation, smart pricing, and strong marketing plans rather than simply "sign in yard and pray". Properly positioned homes still command premiums as the market remains fundamentally supply-constrained.

Summer 2022's shifting market requires new strategies. Whether buying or selling, let's discuss how to navigate these changes →