In the current real estate market, there is a months supply of inventory of 2.6, indicating a relatively low inventory of available homes for sale. This low supply can lead to increased competition among buyers, potentially driving up prices.
The 12-month change in months of inventory has seen a significant increase of 64.56%, suggesting a trend towards a more balanced market where there may be more options for buyers to choose from. This could potentially lead to a stabilization of home prices as supply increases.
The median days homes are on the market is 28, indicating that homes are selling relatively quickly in this market. This could be due to the low inventory levels and high demand for homes in the area.
The list to sold price percentage is 98.4%, showing that homes are typically selling very close to their list price. This could be a result of the competitive market conditions and the willingness of buyers to pay close to asking price for desirable properties.
Lastly, the median sold price in this market is $319,000, reflecting the current pricing trends in the area. Sellers may be able to command higher prices due to the low inventory levels and high demand, while buyers should be prepared to pay close to asking price for homes in this market.
Overall, these metrics suggest a market with low inventory, high demand, and quick sales. Buyers should be prepared to act fast and potentially pay close to asking price, while sellers may benefit from the current market conditions and see strong offers on their properties.
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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