The real estate market is currently experiencing a low inventory with only 3.41 months supply available. This means that there is a high demand for homes compared to the number of properties available for sale.
Over the past year, there has been a significant increase of 53.6% in the months of inventory, indicating a trend towards a more balanced market. This could be attributed to an increase in new listings or a decrease in buyer demand.
Homes are selling relatively quickly, with a median of 22 days on the market. This shows that properties are in high demand and buyers are acting fast to secure their desired home.
Sellers are also seeing strong offers, with homes selling at 97.5% of their list price on average. This suggests that sellers are pricing their homes competitively and buyers are willing to pay close to the asking price.
The median sold price for homes in this market is $430,000, indicating that prices are holding steady or even increasing slightly. This could be due to the high demand and low inventory, driving up prices in the area.
Overall, the data suggests that this real estate market is currently favoring sellers, with low inventory, quick sales, and strong offers. Buyers should be prepared to act fast and potentially pay close to the asking price to secure a home in this competitive market. Sellers can take advantage of the high demand and potentially sell their homes quickly and for a good price.
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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