Plano Market Update - November 2022

MARKET HIGHLIGHTS:

• Median Sold Price: $495,000 

• Homes Sold: 179

• Sold to List Ratio: 100%

• Median Days on Market: 17 days

• Current Inventory: 355 homes (1.9 months supply)

Plano's October market delivered a surprise as the median price dropped below $500K to $495,000 for the first time in many months, with just 179 sales marking reduced volume. However, context is critical: the sold-to-list ratio rebounded to 100% (and half of homes sold at or above asking), and days on market at 17 remains 30% faster than pre-pandemic norms. At 1.9 months of supply, the market technically remains seller-favorable despite headlines suggesting otherwise.

The pricing story requires nuance—the drop below $500K reflects fewer luxury sales pulling down the median rather than actual value erosion in mainstream segments. Sales activity remained strong at entry-level and mid-market price points while the high-end ($750K+) experienced significant softening. The "rest of the story" is that Plano's fundamentals remain strong with homes still selling relatively quickly and close to asking prices for smartly positioned properties.

For Plano home buyers entering the holidays, serious buyers emerge from the crowd—those shopping aren’t tire-kickers but motivated purchasers and sellers show increased willingness to negotiate, creating opportunities to lock in favorable pricing before spring competition returns.

For Plano home sellers, holiday timing isn’t the enemy—motivated buyers are active, and homes with excellent presentation and smart pricing continue selling at or above asking, though a strategic marketing plan is now essential rather than optional.

Holiday markets create opportunities for motivated buyers and sellers. Don't let headlines fool you—let's discuss what's really happening →