Understanding these real estate metrics can provide valuable insights for both buyers and sellers in the current market.
The Months Supply of Inventory, which is currently at 3.57, indicates the number of months it would take to sell all the homes on the market if no new listings were added. A lower number suggests a seller’s market, while a higher number suggests a buyer’s market.
The 12-Month Change in Months of Inventory, which has increased by +40.55%, shows a significant shift in the balance between supply and demand. This increase could signal a potential shift towards a buyer’s market, which may offer more negotiating power to buyers.
The Median Days Homes are On the Market, at 29 days, indicates the average time it takes for a home to sell. A lower number suggests a fast-moving market, while a higher number suggests homes are sitting on the market longer.
The List to Sold Price Percentage, at 97.4%, shows that homes are selling for close to their listing price. This percentage can be used as a negotiation tool for both buyers and sellers.
Lastly, the Median Sold Price of $304,250 gives an idea of the average price of homes that are selling in the current market.
Overall, these metrics suggest a market that is balanced but leaning slightly towards a buyer’s market. Buyers may have more negotiating power, while sellers should be strategic in pricing their homes competitively. Keeping an eye on these metrics can help both buyers and sellers make informed decisions in the real estate 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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