The real estate market is currently experiencing a tight inventory with a months supply of inventory at 3.43. This indicates that there is high demand for homes relative to the number of homes available for sale. The 12-month change in months of inventory has increased by 61.03%, suggesting that there has been a significant increase in the number of homes available for sale compared to the previous year.
Despite the increase in inventory, homes are still selling quickly, with a median of only 5 days on the market. This rapid turnover can be attributed to the high list to sold price percentage of 101.2%, indicating that homes are typically selling for above their list price.
Additionally, the median sold price of $682,500 reflects a strong market with high buyer demand and competitive pricing.
For buyers, this data suggests that the market is competitive and homes are selling quickly. It may be necessary to act fast and be prepared to make competitive offers in order to secure a home. For sellers, this data indicates that now may be a favorable time to list your home, as homes are selling quickly and for above asking price. Overall, these metrics paint a picture of a dynamic and robust real estate 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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