The real estate market is currently exhibiting a strong seller’s advantage, as indicated by the low Months Supply of Inventory of 1.92. This means that there is a limited number of homes available for sale, which can drive up prices and create a competitive environment for buyers.
The 12-Month Change in Months of Inventory is -73.44%, showing a significant decrease in the number of homes available for sale compared to the previous year. This further reinforces the tight inventory situation in the market.
Despite the low inventory, homes are staying on the market for a relatively long period, with a Median Days on Market of 207. This may be due to high demand and competition among buyers, leading to longer listing times.
Sellers are seeing strong returns on their properties, with a List to Sold Price Percentage of 96.7%. This indicates that homes are selling close to their listing price, showing that sellers have negotiating power in the current market.
The Median Sold Price of $2,835,000 reflects the high-end nature of the market and the premium prices that properties are fetching. This suggests that the market is favorable for sellers looking to maximize their returns.
Overall, the data indicates a competitive and active real estate market with limited inventory, high prices, and strong seller advantages. Buyers should be prepared for a competitive market, while sellers can expect favorable conditions for selling 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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