The real estate market is currently experiencing a low inventory situation, with only 2.89 months supply of homes available for sale. This means that there are fewer homes on the market compared to the demand from buyers, leading to a competitive market for sellers.
Over the past 12 months, there has been a significant increase of 9.89% in the months of inventory, indicating a slight shift towards a more balanced market. This could be a result of more homes being listed for sale or a decrease in buyer demand.
Homes are selling relatively quickly, with a median of 30 days on the market before being sold. This quick turnaround time suggests that there is strong buyer interest in the market.
Sellers are also seeing a high list to sold price percentage of 97.3%, indicating that homes are selling close to their listing price. This is a positive sign for sellers as it shows that they are able to close deals at a price that is close to what they originally asked for.
The median sold price for homes in this market is $328,645, which is a valuable piece of information for both buyers and sellers. Buyers can use this as a benchmark for the type of homes that are available in this market, while sellers can use it to gauge the value of their own property.
Overall, these metrics suggest a competitive real estate market with strong buyer demand and a positive outlook for sellers. Buyers should act quickly and be prepared to make strong offers, while sellers can expect to receive offers close to their asking price.
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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