Plano Market Update - October 2022

MARKET HIGHLIGHTS:

• Median Sold Price: $535,000

• Homes Sold: 212

• Sold to List Ratio: 99.1% - first time below 100%!

• Median Days on Market: 18.5 days 

• Current Inventory: 338 homes (1.7 months supply)

• Homes At or Above Asking: 47%

Plano's September market marked a milestone as the sold-to-list ratio finally dropped below 100% to 99.1%—the first time since the pandemic began that buyers gained negotiability. With 212 sales at a $535,000 median (roughly matching July levels), pricing appears to have stabilized in the mid-$500Ks. Only 47% of homes sold at or above asking price, compared to 65-80% in prior months, signaling the power shift is real.

Days on market climbed to 18.5 days—still 30% faster than the pre-pandemic norm of 24 days—showing homes were selling quickly by historical standards despite the cooling perception. Inventory held at 338 homes (1.7 months supply) with the market remaining seller-favorable across most price points, though the $750K-$1M segment shows several months of supply indicating luxury leads the slowdown. The conversation has officially shifted from inventory concerns to pricing dynamics.

For Plano home buyers in fall 2022, negotiability is back—with only 47% of homes selling at or above asking, strategic offers below list price have reasonable success, especially on properties sitting longer or priced ambitiously.

For Plano home sellers, realistic expectations are now essential—the neighbor who got 20 offers $100K over six months ago is history, but 47% of sellers still obtained their asking price or better through excellent presentation, strategic pricing, and quality agent partnerships.

Fall 2022's market dynamics favor strategic players. Whether buying or selling, let's create your winning game plan →