Hi Friends, the real estate market is currently experiencing a low inventory situation, with only 1.7 months supply of homes available. This means that there are fewer homes for sale compared to the demand from buyers, which can lead to increased competition and potentially higher prices for sellers.
Over the past year, there has been a significant increase of 102.38% in the months of inventory, indicating a shift towards a more balanced market. This could be a sign of more homes coming onto the market, providing buyers with more options and potentially easing the competition among buyers.
Despite the low inventory, homes are selling relatively quickly, with a median of 38 days on the market. This suggests that there is still strong demand from buyers in the market, leading to a quick turnaround for sellers.
Sellers are also seeing a high list to sold price percentage of 97.9%, indicating that homes are generally selling close to their listing price. This could be a result of the competitive market conditions and the strong demand from buyers.
The median sold price for homes in this market is $337,250, showing that prices are holding steady or potentially increasing due to the high demand and low inventory levels.
Overall, the real estate market is showing signs of competitiveness and strong demand from buyers, with potential opportunities for sellers to capitalize on the current market conditions. Buyers may need to act quickly and be prepared to potentially pay close to the listing price in order to secure a home in this market.
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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