As a real estate professional, it is important to understand the correlation between various metrics to provide valuable insights to both buyers and sellers in the market.
Firstly, let’s look at the Months Supply of Inventory, which currently stands at 3.42. This metric indicates the number of months it would take to sell all the current inventory of homes on the market at the current pace of sales. A lower months supply suggests a seller’s market, where there is high demand for homes relative to supply.
The 12-Month Change in Months of Inventory has increased by +34.65%, indicating a shift towards a more balanced market. This increase in inventory could potentially give buyers more options to choose from and alleviate some of the competition among buyers.
The Median Days Homes are On the Market is 25, which suggests that homes are selling relatively quickly. This could be attributed to the high demand for homes in the market.
The List to Sold Price Percentage is 98.4%, indicating that homes are typically selling close to their list price. This suggests that sellers are pricing their homes competitively and buyers are willing to pay close to the asking price.
Finally, the Median Sold Price is $270,000, which gives buyers and sellers an idea of the typical price point in the market. This metric can help sellers determine a competitive listing price and help buyers gauge what they can expect to pay for a home in the current market conditions.
Overall, the data points to a market that is relatively balanced with moderate inventory levels, quick sales, and homes selling close to their list price. This information can be valuable for buyers looking to make informed decisions and sellers looking to navigate the market effectively.
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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