Plano Market Update - May 2023

MARKET HIGHLIGHTS:

• Median Sold Price: $530,000

• Homes Sold: 180

• Sold to List Ratio: 100% (median),

  • 103% for top 25%

  • 108% for top 10%

• Median Days on Market: 8 days

• Months of Supply: 0.9 months

• Homes At or Above Asking: 65%

Plano's April market showed constrained inventory driving continued competition with just 180 single-family homes sold. Despite lower transaction volume, the median price held strong at $530,000, continuing 2023's upward trend as prices rose every month year-to-date. At 0.9 months of supply—lower than the broader DFW market—Plano remained a premium marketplace where demand significantly outpaced available homes.

Multiple offers returned in force, with 65% of homes selling at or above asking price. The top quartile commanded 103% of list price, while the top 10% reached 108% or higher, clear evidence of bidding wars on well-presented properties. Homes moved quickly at a median of 8 days on market. However, buyers in 2023 proved pickier than in 2022—with higher prices and rates, they were willing to pass on homes that didn't present strong value.

For Plano home buyers, realistic expectations were critical—only one-third successfully negotiated below asking, and not by much—success required preparation and strategy in a market that still heavily favored sellers.

For Plano home sellers, the opportunity was significant with minimal inventory competition, but success demanded homes look great and be priced strategically as buyers at higher rates and prices expected move-in ready condition.

Wondering how spring 2023's tight inventory will evolve this year? Let's discuss the market’s trajectory →