Plano Market Update - March 2023

MARKET HIGHLIGHTS:

• Median Sold Price: $516,260

• Homes Sold: 161

• Sold to List Ratio: 99%

• Median Days on Market: 24 days

• Months of Supply: 3 weeks (0.75 months)

• YoY Price Change: +11.5%

Plano's February market demonstrated remarkable price resilience with the median reaching $516,260—up 11.5% year-over-year despite national headlines predicting crashes. With just 161 homes sold and only 119 properties available as March began, the market operated with just three weeks of supply. This scarcity maintained strong seller positioning across all price points, including the luxury segment which had softened in prior months.

The sold-to-list ratio of 99% showed sellers capturing nearly full asking price, and homes were selling faster than earlier in the year at 24 days on market—a trend expected to accelerate as spring progressed. The top-tier homes were seeing bidding wars resurface, with some properties commanding 3% premiums above asking as buyers recognized the quality presentation and strategic pricing.

For Plano home buyers, the strategy required lender preparation and realistic expectations about bringing extra cash to compete on desirable properties—while not matching 2022's extremes, the best homes still attracted multiple offers.

For Plano home sellers, the opportunity was clear with minimal competition creating a premium pricing environment, but only for homes that looked great and presented as move-in ready for increasingly discerning buyers who had seen both prices and rates climb.

Want to understand how February 11.5% growth sets up this year? Let's discuss →