Plano Market Update - June 2023

MARKET HIGHLIGHTS:

• Median Sold Price: $540,000

• Homes Sold: 192 (highest of the year)

• Sold to List Ratio: 100% (median), 104-108% (top quartile)

• Median Days on Market: 7.5 days

• Months of Supply: 1 month

• Homes at/Above Asking: 67% (two-thirds)

Plano's May market surprised with the return of aggressive multiple offers. With 192 homes sold—the highest volume of 2023—and the median price climbing to $540,000, the spring market demonstrated that competition was back in full force. At just 1 month of supply, half of all homes were selling within a week, and two-thirds of sellers received their asking price or more.

The top tier of the market told an even more competitive story: the upper 25% of homes sold at 104% of list price, while the top 10% commanded 108% or higher—clear evidence of bidding wars. The supply-demand mismatch remained the driving force, with low inventory meeting high demand for Plano locations. Sales volume was down 25% compared to May 2022 (252 homes), but prices continued their upward trajectory.

For Plano home buyers, aggressive preparation was essential—multiple offers dominated, and waiting for the market to calm down could mean missing opportunities as any rate decreases would likely trigger even more competition.

For Plano home sellers, the spring 2023 market favored those with well-presented, smartly-priced homes, as buyers at 6.5% rates were selective and willing to pass on properties that didn't offer strong perceived value.

Interested in how May 2023's multiple-offer frenzy evolved? Let's discuss the market’s trajectory →