The real estate market is currently experiencing a moderate level of inventory, with a Months Supply of Inventory at 3.59. This indicates that it would take approximately 3.59 months to sell all the homes currently on the market if no new listings were added.
Interestingly, there has been a notable increase in the Months of Inventory over the past year, with a 12-Month Change of +12.19%. This suggests that the market may be shifting towards a slightly more buyer-friendly environment, as there are more homes available for sale compared to the previous year.
Despite this increase in inventory, homes are still selling relatively quickly, with a median of 38 days on the market. This indicates that there is still strong demand for homes in the area.
Sellers can also take comfort in the fact that homes are typically selling close to their list price, with a List to Sold Price Percentage of 97.4%. This means that sellers are generally able to secure a good price for their homes.
Overall, the median sold price of $459,953 reflects a healthy real estate market with steady appreciation. Buyers and sellers alike can find opportunities in this market, with favorable conditions for both parties.
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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