The real estate market is currently showing a moderate level of inventory, with a Months Supply of Inventory at 5.7. This indicates that there is a balanced supply of homes available for buyers to choose from. However, there has been a significant increase in the Months of Inventory over the past year, with a 12-Month Change of +38.01%. This suggests that the market may be shifting towards a more buyer-friendly environment.
Despite the increase in inventory, homes are still selling relatively quickly, with a Median Days on the Market of 23. This indicates that there is still strong demand for homes in the area. Additionally, sellers are seeing good returns on their properties, with a List to Sold Price Percentage of 97.5%. This means that most homes are selling close to their asking price.
The Median Sold Price in this market is $2,300,000, which is quite high. This suggests that there is a strong demand for luxury properties in this area. Buyers and sellers should take these metrics into consideration when making real estate decisions. Buyers may find more options available due to the increase in inventory, while sellers may benefit from the strong selling prices and quick turnaround times.
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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