As a potential buyer or seller in today’s real estate market, it is important to understand the correlation between key metrics to make informed decisions.
The Months Supply of Inventory, which currently stands at 3.19, indicates the number of months it would take to sell all the homes on the market if no new listings were added. A lower number typically indicates a seller’s market, while a higher number suggests a buyer’s market.
The 12-Month Change in Months of Inventory has seen a significant increase of +45.66%, which could be a sign of a shifting market towards more inventory and potentially more negotiating power for buyers.
The Median Days Homes are On the Market is a low 17 days, indicating that homes are selling relatively quickly in this market. This could be due to high demand or competitive pricing strategies.
The List to Sold Price Percentage of 97.7% shows that on average, homes are selling very close to their list price. This could indicate a strong market with motivated buyers willing to pay close to asking price.
Lastly, the Median Sold Price of $425,000 gives insight into the general price range of homes in this market. This information can be useful for both buyers and sellers in understanding the current market value of properties.
Overall, these metrics suggest a market that is balanced with reasonable inventory levels, quick sales, and strong pricing. Buyers may find opportunities for negotiation, while sellers may benefit from competitive pricing strategies. It is important for both parties to stay informed and work with a knowledgeable real estate professional to navigate these trends 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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