The real estate market is currently experiencing a healthy balance between supply and demand, as indicated by a Months Supply of Inventory of 4.38. This metric represents the number of months it would take to sell all available homes on the market if no new listings were added. A lower number typically indicates a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory has increased by +26.59%, suggesting a slight shift towards a buyer’s market. This increase could be attributed to a rise in housing inventory or a decrease in buyer activity.
The Median Days Homes are On the Market is 35, indicating that properties are selling relatively quickly. This is a positive sign for sellers, as it suggests strong demand for homes in the area.
The List to Sold Price Percentage is 97.4%, showing that sellers are generally receiving close to their asking price. This could indicate that homes are priced competitively and that buyers are willing to pay close to the list price.
Lastly, the Median Sold Price is $420,000, providing insight into the average price at which homes are selling in the market. This information is valuable for both buyers and sellers in understanding the current market conditions and making informed decisions.
Overall, these metrics paint a picture of a dynamic real estate market with opportunities for both buyers and sellers. Buyers may find favorable conditions with a slightly increasing inventory, while sellers can take advantage of quick sales and strong list to sold price percentages. It’s important for both parties to stay informed and work with a knowledgeable real estate professional to navigate the market effectively.
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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