The real estate market is currently experiencing a relatively low inventory, with a Months Supply of Inventory sitting at 3.06. This means that at the current rate of sales, it would take approximately 3.06 months to sell all the available homes on the market.
The 12-Month Change in Months of Inventory is showing a significant decrease of -23.12%. This indicates that the market has become more competitive and homes are selling at a faster pace compared to the previous year.
The Median Days Homes are On the Market is 40, which is relatively low and further supports the idea that homes are selling quickly in this market. This can be beneficial for sellers looking to sell their homes in a timely manner.
The List to Sold Price Percentage is at a high 97.8%, indicating that homes are typically selling close to their asking price. This demonstrates strong demand in the market and suggests that buyers are willing to pay close to the listing price for homes.
The Median Sold Price is $500,520, which shows that the market is currently in a healthy state with homes selling at a relatively high price point. This can be good news for sellers looking to maximize their profits.
Overall, the data suggests that the real estate market is competitive, with low inventory, quick sales, and high list to sold price percentages. Sellers may find it beneficial to list their homes in this market, while buyers should be prepared to act quickly and potentially pay close to the asking price for a home.
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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