As a big part of the North Texas real estate boom, Plano enjoys the same affluent feel as downtown Dallas, but just 20 miles to the south. Local residents love Plano population nearing 300,000 because Texas ninth-largest city takes a pass on the rush-rush pace of the big city. We happen to know Plano as the Happiest City in America and a great place to live, for professionals in particular. If youre thinking of moving to the City of Excellence, heres what you need to know about the Plano real estate market.
Plano: The market now
The North Texas real estate rush has seen something of a scramble for property in Plano. Competition for property is fueled not only by investment returns but also by relocation opportunities. A number of big corporations, including Toyota, FedEx, Frito-Lay and JPMorgan Chase have all opened campuses in the city. That stimulus has invigorated a population that is already highly qualified, white-collar and upwardly mobile. The downside, although modest, is that the cost of living is 7 percent higher than the national average, with housing at 21 percent more expensive.
What does it cost to buy in Plano?
Plano has been named the fifth-best city in America to buy a home, with a wide range of single-family homes and townhouses. You wont see much gentrification because the various neighborhoods have risen together, over time. As an upwardly mobile, aspirational city, Plano has a well-established luxury-housing sector.
House prices are higher here than the Dallas-Fort Worth as a whole and Texas as a whole, and higher than the national average. (Although, there is quite some disparity between the median prices posted by various sources, because of the different tiers and parameters used. Youll see median prices listed as low as $361,000 or as high as $425,000. Whatever the baseline, all show a steady price rise, both recently 13.5 percent from 2020 to 2021 and in the longer term.) Prices in the Dallas-Irving-Plano area have increased by 58 percent in the last five years. As a ballpark figure, more than 50 percent of homes in Plano are between $230K and $460K, depending on house size and neighborhood.
Is now the time to sell in Plano?
Weve written before about the North Texas sellers market and conclude, as before, that now is the time to sell, upgrade or upsize. With the local job market vibrant, wages high and unemployment low, there are no signs that Plano housing is forming a bubble. If anything, expect the population to rise steadily as remote workers are drawn away from bigger metro areas, now that they can work from anywhere. Homes are selling quite rapidly in Plano: The average number of days on the market has dropped to just 11 from 34, a mere year ago. (That is nearly 70 percent faster, thanks to all of North Texas being a hot spot for relocations.)
What are the best Plano places?
Plano is divided into about 30 neighborhoods, with a wide distribution of retail parks, green spaces and great schools. Downtown Plano moves at a faster tempo, especially since its forward-looking rejuvenation efforts, which have brought a DART light-rail station, shops, restaurants, arts venues, museums, theatres, festivals and housing and national attention. Today, historic downtown Plano is a fascinating mix of future and past, says the American Planning Association, which awarded Plano its prestigious Great Places in America honor. There is a diverse group of residents from many different backgrounds that live or work in downtown, and across all of Plano. There is a pleasant balance, too, between modern and historic architecture throughout the area. Whether youre working in Plano or looking to find a comfortable space from which to commute to Dallas or Fort Worth, here are some of the most desirable neighborhoods and developments:
- Willow Bend: an exclusive neighborhood with a median listing price of $949,000. In return, you get outstanding schools, elegant gated communities with low crime and expansive houses. See also Willow Bend Country and Willow Bend Lakes.
- Kings Ridge: another upscale, smart neighborhood with large, modern homes.
- Lakeside on Preston: a charming collection of five villages in West Plano.
- Shops at Legacy: a master-planned development of high-end boutique retail, best-in-class restaurants, a thriving nightlife, a full-service hotel and urban-style homes.
- Legacy West: a new standard of vibrant urban living, with a wealth of entertainment, fashionable shopping, leisure and sport activities, chef-driven dining and a one-of-a-kind artisanal food hall
- Windrose Tower: a luxury high-rise in Legacy West, with condominium homes ranging from 1,000 to more than 5,000 square feet, and priced from $1 million to more than $5 million, all with spectacular views and extraordinary amenities.
Has your interest been piqued by Plano? Get in touch with one of our area experts for the professional take on securing your dream property in Plano.