The real estate market is currently experiencing a low inventory, with the Months Supply of Inventory at 3.93. This indicates that there are fewer homes available for sale compared to the demand from buyers. However, there has been a significant increase in the Months of Inventory over the past year, with a 12-Month Change of +81.94%. This suggests that the market is becoming more balanced, with more homes coming onto the market to meet the demand.
Despite the low inventory, homes are selling quickly, with a Median Days on Market of 25. This indicates that there is strong buyer interest in the market, and homes are not staying on the market for long before being sold. Additionally, sellers are receiving close to their asking price, with a List to Sold Price Percentage of 97%. This shows that sellers are able to achieve a high percentage of their asking price when selling their homes.
In terms of pricing, the Median Sold Price in the market is $410,000. This indicates that homes in this market are selling at a relatively high price point, which can be attractive to sellers looking to maximize their returns.
Overall, the data suggests a dynamic and competitive real estate market, with low inventory, quick sales, and strong pricing. Buyers may need to act fast to secure a home in this market, while sellers have the potential to receive a good price for their property.
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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