The real estate market is currently experiencing a low inventory with only 2.3 months supply of homes available for sale. This indicates a high demand for properties in the market.
The 12-month change in months of inventory has decreased by 1.29%, showing a trend towards a tighter market with less available homes for buyers to choose from. This could potentially lead to increased competition among buyers and quicker sales for sellers.
Homes are selling relatively quickly, with a median of 22 days on the market. This indicates a strong demand for properties and a competitive market for buyers.
The list to sold price percentage is at 98%, suggesting that sellers are receiving close to their asking price for their properties. This could be attributed to the high demand and limited inventory in the market.
The median sold price for homes is $425,000, indicating a healthy and stable market with steady appreciation in property values.
Overall, these metrics show a market that is favorable for sellers due to high demand and limited inventory, leading to quick sales and strong selling prices. Buyers may need to act quickly and be prepared to make competitive offers in order to secure a property 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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