The real estate market is currently experiencing a low inventory situation with a Months Supply of Inventory standing at 2.9. This indicates that if no new homes were to be listed, it would take approximately 2.9 months for all existing homes to be sold.
The 12-Month Change in Months of Inventory is a crucial metric to consider as it provides insight into the direction of the market. A decreasing number suggests a tightening market, while an increasing number indicates a softening market.
Homes are spending a median of 75 days on the market before being sold, which is a moderate amount of time. This suggests that properties are moving relatively quickly, but buyers still have a reasonable amount of time to make their decisions.
The List to Sold Price Percentage of 98.7% indicates that homes are typically selling very close to their listing prices. This is a positive indicator for sellers as it shows that they are likely to receive offers very close to their asking price.
Lastly, the Median Sold Price of $624,250 gives an indication of the average price at which homes are selling in the market. This can be a useful benchmark for both buyers and sellers to gauge the value of properties in the area.
Overall, these metrics paint a picture of a healthy and competitive real estate market with strong demand and limited inventory. Buyers and sellers should be prepared to act quickly and strategically to navigate 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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