The real estate market is currently experiencing a healthy level of inventory, with the Months Supply of Inventory standing at 3.64. This indicates that there is a balanced market, with a good supply of homes available for potential buyers.
The 12-Month Change in Months of Inventory has seen a slight increase of +5.81%, which could be attributed to seasonal fluctuations or an increase in new listings entering the market. However, this change is relatively small and should not be cause for concern for either buyers or sellers.
Homes in this market are selling relatively quickly, with a median of 46 days on the market. This indicates that there is strong demand for properties in this area, and sellers can expect a relatively quick turnaround on their listings.
The List to Sold Price Percentage is at a high 97.5%, indicating that sellers are able to negotiate prices close to their asking price. This is good news for sellers, as it shows that there is strong buyer interest and competition for properties.
The Median Sold Price in this market is $498,000, which indicates that this is a desirable area with properties commanding a relatively high price point. Buyers should be prepared for higher prices, but can also expect to find quality homes in a competitive market.
Overall, this data suggests that the real estate market in this area is stable and balanced, with strong demand for properties and sellers able to command good prices for their homes. Buyers and sellers can both feel confident in the current state of the 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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