As a potential buyer or seller in the current real estate market, it is important to understand the correlation between key metrics in order to make informed decisions.
The Months Supply of Inventory, which currently stands at 2.06, indicates the number of months it would take to sell all the homes currently on the market if no new listings were added. A lower number typically signifies a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory, which has seen a significant increase of +25.61%, suggests that inventory levels have been rising over the past year. This could potentially lead to more options for buyers but may also indicate a shift towards a more balanced market.
The Median Days Homes are On the Market, at 29 days, reveals the average amount of time it takes for a home to sell. A lower number signifies a faster-moving market, while a higher number may indicate properties sitting on the market longer.
The List to Sold Price Percentage, currently at 98.3%, shows the average percentage of the listing price that homes are actually selling for. A higher percentage typically indicates a strong seller’s market where homes are selling close to or above asking price.
The Median Sold Price of $315,000 provides insight into the average sales price of homes in the area. This can help both buyers and sellers understand market trends and make informed decisions on pricing.
Overall, these metrics suggest a dynamic real estate market with a healthy balance between buyers and sellers. Buyers may have more options due to rising inventory levels, while sellers are still seeing strong list to sold price percentages. Keeping an eye on these key metrics can help guide your decision-making process in the current real estate landscape.
If you have any questions and need help with market trends and updates, reach out to Jennifer Yoingco, REALTOR®, and her team in The Houston Suburb Group, so you can get ready to EXPERIENCE LIVING IN HOUSTON, TEXAS!
Jeanette San Luis is a blog contributor, a double degree major in BS Chemical Engineering and BS Nursing, and graduated Magna Cum Laude and Summa Cum Laude respectively. She has won numerous accolades and was named one of Houston Chronicles TOP 150 Outstanding Nurses in 2016 and 2019. In her dual role as a REALTOR®, she empathizes and understands the needs of her clients; therefore, you are in very good hands.
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