The real estate market is currently showing a healthy level of inventory with a Months Supply of Inventory at 3.26. This indicates that there is a balanced market between supply and demand, providing buyers with a good selection of homes to choose from.
However, it is important to note that there has been a significant increase in the Months of Inventory over the past year, with a 12-Month Change of +63.82%. This could be an indication of a shifting market trend towards more inventory becoming available, potentially giving buyers more negotiating power.
Despite this increase in inventory, homes are still selling relatively quickly, with a Median Days on Market of just 14 days. This suggests that there is still strong demand for homes in the area, leading to a competitive market for sellers.
In terms of pricing, homes are selling close to their list price, with a List to Sold Price Percentage of 97.2%. This indicates that there is minimal room for negotiation on price, making it important for both buyers and sellers to come to the table with realistic expectations.
The Median Sold Price in the area is $419,000, showing a stable and healthy market with consistent pricing trends. This could be reassuring for both buyers and sellers, as it indicates a level of stability in the market.
Overall, the current real estate metrics suggest a balanced market with strong demand and relatively quick sales, making it an attractive environment for both buyers and sellers. Buyers can expect a good selection of homes to choose from, while sellers can benefit from a competitive market and strong pricing trends.
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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