The real estate market is currently experiencing a low inventory level, with only 2.56 months of supply available. This means that there are fewer homes on the market compared to the demand from buyers. The 12-month change in months of inventory has decreased by 3.4%, indicating a trend towards even lower inventory levels.
Despite the limited inventory, homes are selling quickly, with a median of only 24 days on the market. This suggests that there is strong demand from buyers, leading to a competitive market where homes are being snapped up quickly.
Sellers are also seeing strong returns on their properties, with a list to sold price percentage of 94.3%. This means that on average, homes are selling for 94.3% of their listing price, indicating that sellers are able to get close to their asking price in this market.
The median sold price for homes in this market is $255,000, indicating that there is strong demand for homes at this price point. Overall, these metrics suggest a competitive market with limited inventory, strong buyer demand, and favorable selling conditions for sellers. Buyers should be prepared to act quickly, while sellers can expect to see strong returns on their properties.
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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