The real estate market is currently showing a moderate level of activity with a Months Supply of Inventory of 5.69. This indicates that it would take approximately 5.69 months to sell all the current inventory at the current pace of sales.
The 12-Month Change in Months of Inventory has increased by +8.17% compared to the previous year, suggesting a slight increase in the supply of homes on the market. This could be due to more properties coming onto the market or a decrease in the number of homes being sold.
Homes are spending an average of 39 days on the market before being sold, indicating a relatively quick turnover rate. This is a positive sign for sellers looking to sell their homes quickly.
The List to Sold Price Percentage is 94.8%, meaning that on average, homes are selling for 94.8% of their listed price. This shows that there is some room for negotiation between buyers and sellers, but overall homes are selling close to their asking prices.
The Median Sold Price in this market is $315,000, giving buyers and sellers a benchmark for the average price of homes in the area. This can be used as a reference point for pricing strategies and negotiations.
Overall, these metrics paint a picture of a stable and active real estate market with a healthy balance between supply and demand. Buyers and sellers can use this information to make informed decisions and navigate the market effectively.
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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