Plano Market Update - December 2022

Plano's December market closed 2022 with 151 home sales and a median price of $480,000, setting the stage for 2023 expectations. Entering the new year with 245 homes for sale representing 1.8 months of supply—firmly a seller's market across all price points following strong luxury activity in December. The 98% sold-to-list ratio showed healthy seller pricing power, though the 32-day median days on market reflects the cooling from pandemic-era frenzy.

The prediction for 2023: stable prices with modest 3-4% appreciation driven by inflation and continued capital flowing into real estate as a tangible asset. The market should return to pre-pandemic dynamics where homes require a few weeks to a month to sell—a more sustainable pace than the bidding war chaos of 2021-2022. The "Smart money" on Wall Street continues raising significant capital to invested in single-family homes, suggesting confidence in the sector.

For Plano home buyers, 2023 will present opportunity with more choices, less competition from hibernating buyers, and rate stability. Timing the market for crashes risks missing years of appreciation, as Wall Street is clearly betting on continued real estate strength.

For Plano home sellers, avoiding ambitious pricing is critical and strategic pricing slightly below market value could trigger bidding wars, while overpricing means chasing the market down over 60-75 days and ultimately accepting less than if properly priced from the start.

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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.