Plano Market Update - March 2023
Plano > Market Intelligence > Plano Market Update - March 2023MARKET HIGHLIGHTS:
Homes Sold: 177 transactions
Median Sold Price: $525,000
Sold to List Ratio: 100.00%
Average Days on Market: 10 days
Homes Sold Above Asking: ~55%
Inventory: Less than 1 month supply
Plano's March market shows signs of acceleration as spring arrives. With 177 single-family homes sold and the median price at $525,000—matching March 2022 levels—the market is demonstrating stability rather than the dramatic swings of last year. The most striking shift came in days on market, which dropped from 22 to just 10 days as buyer activity intensified with warming weather.
Multiple offers returned across the market, with 55% of homes selling at or above asking price and the top 10% commanding 102% or more of list price. At less than one month of supply across all price points—even in the luxury segment—the inventory shortage creates a strong seller's market. However, unlike 2022's frenzy where buyers grabbed any available home, 2023 buyers are proving more selective, expecting significantly more value for their higher monthly payments.
For Plano home buyers, the message is clear: don't wait for dramatic price drops or assume negotiability—the supply-demand imbalance still favors sellers, and future rate decreases will likely bring more competition back to the market.
For Plano home sellers, minimal competition and strong demand favors action, but success requires strategic pricing and excellent presentation as pickier buyers are willing to pass on homes that don’t meet their elevated expectations.
Curious how this year’s Spring Market dynamics are going to affect you? Let's connect→
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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