The real estate market is currently experiencing a healthy balance between supply and demand, as indicated by the Months Supply of Inventory standing at 3.08. This metric represents the number of months it would take to sell all the current listings if no new properties were added to the market. A lower number indicates a seller’s market, while a higher number suggests a buyer’s market.
The 12-Month Change in Months of Inventory is -16.3%, showing a decrease in the amount of time it would take to sell all available properties compared to the previous year. This signifies a trend towards a more competitive market with potentially higher prices.
Homes are selling relatively quickly, with the Median Days on Market at 42 days. This indicates that properties are in demand and buyers are acting swiftly to secure their desired homes.
Sellers are also seeing strong returns on their investments, with the List to Sold Price Percentage at 97.1%. This means that homes are typically selling for 97.1% of their listed price, showing that sellers are able to obtain close to their asking price in the current market conditions.
The Median Sold Price of $485,000 reflects the overall value of homes in the area, providing buyers and sellers with a benchmark for pricing their properties. This data suggests that the market is stable and offers opportunities for both buyers and sellers to achieve their real estate goals.
Overall, these metrics indicate a robust real estate market with favorable conditions for both buyers and sellers. Buyers can expect competitive pricing and quick transactions, while sellers have the potential to maximize their returns on investment.
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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