I've been trying to optimize for a keyword phrase without the plural. But whenever you type in my keyword phrase Google's instant search results show results with the plural automatically. Is it worth changing my domain name to end with a plural then?
Google show results in plural is because more people search at that way. If I were you, I will take plural domain as well.
I don't think that there's a need to change your domain name, you can still target plural terms by doing proper off-page optimization
If you are going to create a new website then it would be worth enough to consider. Otherwise is not worth it. If you change the domain, not just a plain redirect but your ranking will fluctuate for a period of time and your traffics may dropped. Sometime a lot.