As a potential buyer or seller in the current real estate market, it is important to understand the correlation between various key metrics in order to make informed decisions.
The Months Supply of Inventory stands at 3.76, indicating a balanced market where supply and demand are relatively in equilibrium. However, the 12-Month Change in Months of Inventory has increased significantly by 79.9%, suggesting a shift towards a more buyer-friendly market with increased inventory levels.
Despite this increase in inventory, the Median Days Homes are On the Market is relatively low at 26 days, indicating that homes are selling quickly. This could be attributed to the List to Sold Price Percentage of 98.1%, indicating that homes are generally selling close to their list price.
Furthermore, the Median Sold Price of $305,000 reflects the current market value of homes in the area. This price point, combined with the quick pace of sales and high list to sold price percentage, suggests a market that is competitive and desirable for both buyers and sellers.
In conclusion, the correlation between these real estate metrics paints a picture of a dynamic market with opportunities for both buyers and sellers. Buyers may find more options and potentially better negotiating power due to the increase in inventory, while sellers can benefit from the quick pace of sales and high list to sold price percentage. It is important for both parties to carefully consider these factors when making real estate decisions in the current market.
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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