Plano Market Update - July 2023

Plano's July market showed a pullback in transaction volume with 192 single-family homes sold. Despite lower sales, the median price remained steady at $560,000. With 1.6 months of supply and the sold-to-list ratio holding at 100%, sellers maintained pricing power even as mortgage rates pushed into the 7%-range.

The "lock-in effect" is becoming evident: with 92% of homeowners holding rates below 6%, the inventory shortage shows no signs of easing. Days on market ticked up to 11 days, and negotiability is increasing—44% of homes sold below asking price, though typically just 1-2% below. Multiple offers remain common, with some sellers still capturing 5-7% premiums above asking for well-prepared homes.

For Plano home buyers, a window of opportunity recently emerged as summer vacations and rate shock reduce competition, offering more negotiating room than earlier this year.

For Plano home sellers, the market remains strong with persistently low inventory, but success requires doing the prep work—buyers paying battling with higher prices and higher mortgage rates are pickier and willing to pass on homes that don’t present well.

Want to understand how the 2023 "lock-in effect" is still impacting today's inventory? 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.