Plano Market Update - September 2023

MARKET HIGHLIGHTS:

• Median Sold Price: $525,500 (down 6.2% from July's $560,000)

• Homes Sold: 196 (highest of the year, tied with June)

• Sold to List Ratio: 100%

• Average Days on Market: 13 days

• Months of Supply: 1.5 months

• Homes at/Above Asking: 49%

Plano's August market showed interesting contradictions—while the median sold price dipped to $525,500 (down from July's $560,000), sales volume hit 196 homes, the highest count all year. This price fluctuation reflects the mix of homes selling rather than declining values, as year-to-date prices remained up. With 1.5 months of supply and a 100% sold-to-list ratio, sellers maintained the upper hand despite the cooling trend.

The market dynamics were shifting toward more balance. Homes took 13 days to go under contract, and this timeline appeared likely to extend further into fall. While 49% of sellers still achieved their asking price or better, the era of automatic multiple offers was fading. Mortgage rates climbing to 7% hadn't crushed demand—196 sales proved buyers were still active—but they were becoming more selective about value.

For Plano home buyers, negotiability was returning as competition decreased and inventory inched upward, creating the first meaningful opportunities since the pandemic frenzy.

For Plano home sellers, the market remained favorable with 1.5 months of supply, but success required patience, strong presentation, and strategic pricing rather than simply listing and waiting for bidding wars.

Curious how September 2023's market shift affects you? Let's discuss what's changed for buyers and sellers →