Plano Market Update - October 2023

MARKET HIGHLIGHTS:

• Median Sold Price: $530,000

• Price Change YTD: +5% (January to September)

• Sold to List Ratio: Below 100% (first time since winter)

• Average Days on Market: 16 days

• Homes Sold Above Asking: ~25% (1 in 4)

• Inventory: Highest of the year

Plano's September market showed the first clear signs of shifting dynamics. The sold-to-list ratio dropped below 100% for the first time since winter, meaning buyers successfully negotiated prices down rather than bidding up. With inventory at its highest point of the year and homes taking an average of 16 days to sell, the market was cooling from its frenzied pace—though prices remained stable with a median of $530,000, up 5% year-to-date.

The negotiation landscape had changed significantly. While about one in four homes still sold above asking price, most sellers were now receiving offers at or slightly below their list price. Days on market increased to 16 days as fall approached, and this trend appeared likely to continue as seasonal patterns returned to North Texas real estate after several years of year-round intensity.

For Plano home buyers, this represented the first real negotiating power in months, with rising inventory providing more options and less competition—particularly on homes sitting longer or recently reduced in price.

For Plano home sellers, strategic pricing and strong home presentation became critical—the era of automatic multiple offers over asking had ended, but properly positioned homes were still selling quickly and holding value in a market that gained 5% year-to-date.

Wondering how these trends affect you? Let's discuss what's changed and what it means for your home→