Plano Market Update - July 2023

MARKET HIGHLIGHTS:

• Median Sold Price: $555,000

• Homes Sold: 196 (highest of 2023)

• Sold to List Ratio: 100%

• Median Days on Market: 8 days

• Months of Supply: 1.3 months

• Homes at/Above Asking: 65%

• YTD Price Appreciation: +9.7%

Plano's June market delivered the strongest sales volume of 2023 with 196 homes sold, while the median price climbed to $555,000—a $15,000 jump from May. With just 1.3 months of supply and half of all homes selling within a week, the market remained firmly in seller territory. Year-to-date, prices were up 9.7%, though seasonal patterns suggested this pace would moderate toward 5-6% by year's end.

The supply-demand imbalance continued driving competition, with 65% of sellers receiving their asking price or more. Multiple offers remained prevalent, and negotiability was scarce—only one in three buyers paid below asking, typically just 1-2% less. Days on market held at 8 days, though this metric appeared poised to climb into double digits as the year progressed.

For Plano home buyers, the question was "what are you waiting for?" With limited negotiability and persistent competition, waiting for major rate or price drops risked getting priced out of the market entirely.

For Plano home sellers, conditions were optimal with minimal competition—success required strong presentation and smart pricing as buyers in 2023 were willing to pass on homes that didn't offer high perceived value.

Wondering how rising home sales impacts your goals? Let's connect →