The real estate market is currently experiencing a healthy balance between supply and demand, with a months supply of inventory at 4.01. This means that at the current rate of sales, it would take approximately 4.01 months to sell all the homes on the market.
Over the past year, there has been a significant increase in the months of inventory by 16.91%. This could indicate a slight shift towards a buyer’s market, as there are more homes available for sale compared to the previous year.
Homes are spending an average of 47 days on the market before being sold, which is a relatively quick turnover time. This could be attributed to the strong demand for homes in the area.
The list to sold price percentage is at 97.1%, indicating that sellers are typically receiving close to their asking price when their homes are sold. This suggests that the market is competitive, with buyers willing to pay close to the asking price for desirable properties.
The median sold price for homes in the area is $387,075, which is a good indicator of the overall market value. Sellers can expect to receive a fair price for their homes, while buyers may find opportunities to purchase properties at a reasonable cost.
Overall, the current real estate metrics suggest a balanced market with strong demand and competitive pricing. Buyers and sellers can expect a fair and efficient transaction process in the current market conditions.
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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