Plano Market Update - January 2023

Plano's January market showed modest transaction volume with just 110 homes sold—fewer than the prior January despite market expectations. However, the median price of $492,500 demonstrates healthy price levels as homeowners continue sitting on substantial equity. With 145 homes available entering February and only 1.3 months of supply at current sales rates, the market remains strongly tilted toward sellers, particularly in mainstream price points.

An interesting inventory dynamic is emerging: of the 145 homes for sale, an estimated 70-80 represent "stale inventory"—overpriced, poorly presented, or unique luxury properties requiring special buyers. Meanwhile, well-prepared homes entered and exited quickly as buyers eagerly competed for turnkey properties. The 98% sold-to-list ratio and 28 days on market show homes selling close to asking with reasonable, but not excessive, timelines.

For Plano home buyers, the environment offers twice as many options as a year prior with less competition and rate stability around historical norms. A cautionary tale exists for those waiting for crashes, as some first-time buyers who delayed during the pandemic find themselves priced out entirely in 2023.

For Plano home sellers, limited competition right now creates opportunity, but success requires turnkey presentation as buyers expect move-in ready condition for homes built in the '80s and '90s that are competing for 2023 prices.

Interested in how January 2023's market dynamics set us up for the remainder of the year? Let's connect →

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.