Plano Market Update - July 2022
Plano > Market Intelligence > Plano Market Update - July 2022MARKET HIGHLIGHTS:
Homes Sold: 238 transactions
Median Sold Price: $536,944
Price Change YTD: +19%
Sold to List Ratio: 101.6%
Average Days on Market: 8 days
Inventory: 343 homes
Plano's July market continued the deceleration trend with 238 sales—down significantly from 347 in July 2021—and the median price at $536,944, though still up 19% year-over-year. The sold-to-list ratio cooled to 102% with 75% of homes selling at or above their asking price, while days on market climbed to 8 days. With 343 homes available and 142 showing price reductions, the inventory situation has eased considerably though remains below pre-pandemic norms.
The pricing narrative requires context: active listings average $235/sq ft while recent sales closed at $216/sq ft, showing a gap between seller aspirations and market reality. This reflects a supply-demand mismatch as some buyers pause amid rate concerns while sellers flooded the market in June-July. The median decline from $585K to $537K was more about mix shift than value erosion; fewer luxury sales pulled the median down as that segment cooled first.
For Plano home buyers, rates dipping below 5% for prime borrowers combined with increased negotiability creates an opportunity, though the best homes still attract competition and require strong offers.
For Plano home sellers, ambitious pricing is backfiring. The top quartile still captured 7%+ premiums last month through excellent presentation and strategic pricing, but overpriced homes are starting to sit while properly priced properties move at or above asking within reasonable timelines.
Summer's shifting dynamics require smarter strategies. Ready to position yourself for success in the new normal? Let's talk →
Note: The video market update was prepared with the most current data available at the time of filming. This post has been updated to reflect finalized historical data.
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