The real estate market is currently experiencing a tight inventory with a months supply of inventory at 3.17, indicating that it would take approximately 3.17 months to sell all the homes on the market at the current pace of sales. This low inventory level suggests a high demand for homes in the market.
However, it is important to note that there has been a significant increase in the months of inventory over the past 12 months, with a change of +66.84%. This increase in inventory may be a result of more homes coming onto the market or a decrease in the pace of sales. Buyers may have more options to choose from, which could potentially lead to a more balanced market.
The median days homes are on the market is 16, indicating that homes are selling relatively quickly in this market. This fast pace of sales could be attributed to the high demand for homes and the low inventory levels.
The list to sold price percentage is 98.8%, suggesting that homes are typically selling very close to their listing price. This could indicate that sellers are pricing their homes accurately and that buyers are willing to pay close to the asking price in this market.
The median sold price in this market is $327,500, giving buyers and sellers an idea of the typical price range for homes in this area. Overall, the data suggests a strong demand for homes, a fast pace of sales, and relatively high list to sold price percentages, making it a potentially favorable market for both buyers and sellers.
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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