Plano Market Update - November 2022
Plano > Market Intelligence > Plano Market Update - November 2022MARKET HIGHLIGHTS:
Homes Sold: 144 transactions
Median Sold Price: $462,500
Sold to List Ratio: 98.8% (below 100%)
Average Days on Market: 20 days
Inventory: 329 homes
Plano's November market is winding down the year with just 144 sales at a $462,500 median—the lowest point since early in the year—though the sold-to-list ratio of 99% and 20-days on market shows homes are still selling relatively quickly and close to asking prices. At 2.3 months of supply, the market technically remains seller-favorable overall, but the breakdown by price point tells the real story: the luxury segment ($750K+) shows significant softening with the $1M+ market reaching 7 months of supply (buyer's market territory).
The median decline to $462,500 primarily reflects the luxury slowdown—fewer high-end sales meant the middle point drifted down rather than indicating widespread price crashes. The surprise development came in interest rates, which retreated back into the 5s for prime borrowers after climbing toward 7%. Entry-level and mainstream price points maintain healthy dynamics while the high-end leds the cooling, a typical pattern in market transitions.
For Plano home buyers, rates back in the 5s combined with increased negotiability create opportunities. Strong demographic trends (continued Texas migration, millennial home buying) suggest that waiting for dramatic price drops is wishful thinking.
For Plano home sellers heading into 2023, realistic pricing is essential—aspirational pricing 10-15% above market fails consistently, while strategic pricing at current value typically achieves asking price or better, with 25% of well-presented homes still capturing a premium to their list price, even now.
Closing out 2022 with rates in the 5s and negotiability returning—ready to position yourself for 2023 success? Let's strategize →
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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