As a prospective buyer or seller in the current real estate market, it is important to understand the correlation between key metrics that can impact your decision-making process.
First, let’s look at the Months Supply of Inventory, which currently stands at 3.73. This metric indicates the number of months it would take to sell all the homes on the market at the current pace of sales. A lower number suggests a seller’s market, where demand exceeds supply.
The 12-Month Change in Months of Inventory is +58.05%, indicating a significant increase in the amount of inventory available compared to the previous year. This could potentially shift the market towards a more balanced or even buyer’s market, giving buyers more options to choose from.
The Median Days Homes are On the Market is 24, which is relatively low and suggests that homes are selling quickly in this market. This could be due to high demand, competitive pricing, or desirable location.
The List to Sold Price Percentage is 97.9%, indicating that homes are typically selling close to their listing price. This could be a sign of a strong market where sellers are able to command prices close to their asking price.
Lastly, the Median Sold Price is $318,000, providing a benchmark for what homes are selling for in the current market. This information can be valuable for buyers and sellers to understand pricing trends and make informed decisions.
Overall, these metrics paint a picture of a dynamic real estate market with a balance of supply and demand, quick sales, and strong pricing. Buyers may have more options to choose from, while sellers may still be able to command competitive prices. It is important to stay informed and work with a knowledgeable real estate professional to navigate these market conditions 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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