As of the most recent data available, the real estate market is showing a healthy balance between supply and demand. The Months Supply of Inventory is 3.06, indicating that it would take approximately 3 months to sell all the current homes on the market if no new listings were added. This is considered a balanced market, with neither buyers nor sellers having a significant advantage.
However, it is important to note that the 12-Month Change in Months of Inventory is showing a significant increase of +31.9%. This suggests that the market may be starting to shift towards a buyer’s market, with an increase in inventory compared to demand. This could potentially lead to more negotiating power for buyers and possibly downward pressure on prices.
Despite this increase in inventory, homes are still selling relatively quickly, with a median of 31 days on the market before being sold. This indicates that there is still strong demand for homes in the area.
In terms of pricing, the List to Sold Price Percentage is 97.9%, indicating that homes are selling very close to their list price. Additionally, the Median Sold Price is $350,000, showing that homes in the area are selling at a healthy price point.
Overall, while there may be some signs of a shift in the market towards buyers, the real estate market is still performing well with homes selling quickly and at prices close to their list price. Buyers and sellers can both find opportunities in this current market environment.
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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