Plano Market Update - May 2023

Plano's May market surprised with the return of aggressive multiple offers. With 204 homes sold—the highest volume this year—and the median price climbing to $540,000, the spring market demonstrated that competition is back in full force. At just 1 month of supply, half of all homes were selling within a week, and two-thirds of sellers received their asking price or more.

The top tier of the market told an even more competitive story: the upper 25% of homes sold at 104% of list price, while the top 10% commanded 108% or higher—clear evidence of bidding wars. The supply-demand mismatch is the driving force, with low inventory meeting high demand for Plano locations. Sales volume was down 20% compared to May 2022 (252 homes), but prices continued their upward trajectory.

For Plano home buyers, aggressive preparation is essential—multiple offers dominate that marketplace and waiting for the market to “calm down” will mean missing opportunities since any meaningful rate decreases are likely bring more buyers off the sidelines and increase competition further.

For Plano home sellers, the spring 2023 market favors those with well-presented, smartly-priced homes, as buyers at 6.5% rates are selective and willing to pass on properties that don’t offer strong perceived value.

Interested in what May’s multiple-offer means for you? Let's discuss the market’s trajectory →

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.