As a prospective buyer or seller in the real estate market, it is important to understand the correlation between key metrics to make informed decisions.
The Months Supply of Inventory currently stands at 5.98, indicating a balanced market where supply meets demand. However, the 12-Month Change in Months of Inventory has increased by 18.42%, suggesting a slight shift towards a buyer’s market as inventory levels have risen over the past year.
The Median Days Homes are On the Market is 44, which is relatively low and indicates a fast-paced market where homes are selling quickly. This is supported by the List to Sold Price Percentage of 95.8%, showing that homes are generally selling close to their asking price.
Considering the Median Sold Price of $350,000, it is evident that there is strong demand for homes in this market at a price point that is attractive to both buyers and sellers. The combination of these metrics suggests a market that is competitive yet balanced, making it a favorable environment for both buyers and sellers.
In conclusion, understanding these real estate metrics can help buyers and sellers navigate the market with confidence and make well-informed decisions. Whether you are looking to buy or sell a home, it is essential to consider these factors to ensure a successful transaction.
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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