The real estate market data indicates a strong correlation between the months supply of inventory, the median days homes are on the market, the list to sold price percentage, and the median sold price.
With a months supply of inventory at 3.38, this suggests a balanced market where the supply of homes is relatively in line with buyer demand. The 12-month change in months of inventory at -14.86% indicates a decreasing trend in inventory, which could lead to increased competition among buyers and potentially higher prices.
The median days homes are on the market at 35 days is relatively low, indicating that homes are selling quickly. This quick turnover could be attributed to the high list to sold price percentage of 97.7%, meaning that homes are typically selling close to their list price.
The combination of a low median days on market, a high list to sold price percentage, and a median sold price of $504,355 suggests a strong seller’s market with high demand and limited supply. Buyers may need to act quickly and be prepared to make competitive offers in order to secure a home in this market.
Overall, the data points to a competitive real estate market with limited inventory and strong buyer demand, leading to quick sales and potentially higher prices for sellers. Buyers should be prepared to act fast and potentially pay close to asking 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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