The average price of a home in Plano has increased over $100,000 since March of last year, according to an economic analysis in the city’s monthly financial report presented at the May 24 City Council meeting.

“I think we are going to continue to see some property values rise. Part of it is housing just isn’t available,” Finance Director Denise Tacke said. “We have so many companies moving here and people moving into the area. So, a lot of it has to do with that.”

The analysis pointed out that single-family homes are selling on average at a 2% higher cost than the original asking price this year compared to a 2% lower cost in 2020. In addition, those same houses are spending an average of 27 days on the market compared with 47 days last year.

The study also showed that in 2019, the average cost per square foot of a Plano house was $148. That figure dropped to $142 in 2020 and is now up to $177 through March 2021, according to the report.

In a separate May 12 release, the Collin County Association of Realtors said that despite an increase in houses listed for sale this April compared to the same month last year, prices continue to climb higher due to the demand.

“Last April a large portion of the population was, understandably, reluctant to let anyone inside their home,” said Ron Leach, Collin County Association of Realtors president. “This April we have our footing back and as a result saw a large increase in new listings, however, not nearly enough to satiate the demand.”

The Plano Comprehensive Monthly Financial Report can be viewed here.