The real estate market is currently experiencing a high demand with a low supply of inventory, as indicated by the low Months Supply of Inventory at 3.05. This means that there are fewer homes available for sale compared to the number of buyers in the market.
The 12-Month Change in Months of Inventory shows a significant decrease of -31.77%, indicating that the market has become even more competitive over the past year. This trend suggests that buyers may need to act quickly when a desirable property becomes available.
The Median Days Homes are On the Market is a short 17 days, indicating that homes are selling quickly once they are listed. This quick turnaround time suggests that sellers are receiving strong offers in a timely manner.
The List to Sold Price Percentage is 97.9%, showing that homes are typically selling very close to their asking price. This indicates that sellers are pricing their homes competitively and buyers are willing to pay close to the listed price.
The Median Sold Price of $580,000 suggests that the market is experiencing healthy appreciation in home values. This could be attributed to the high demand and low inventory levels, driving up prices.
Overall, the data points to a competitive real estate market with strong demand, quick sales, and rising home prices. Buyers should be prepared to act fast and potentially offer close to the asking price, while sellers may benefit from pricing their homes competitively to attract multiple offers.
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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