As a real estate professional, it is important to understand the correlation between various metrics in the market to help buyers and sellers make informed decisions.
The Months Supply of Inventory is currently at 5.24, indicating a balanced market where there is a relatively equal amount of supply and demand. However, there has been a significant increase of 32.32% in the 12-Month Change in Months of Inventory, which suggests a potential shift towards a buyer’s market in the near future.
The Median Days Homes are On the Market is 35, which is relatively low and indicates that properties are selling quickly in this market. This could be attributed to the List to Sold Price Percentage of 97.3%, showing that homes are generally selling close to their asking price.
The Median Sold Price of $397,500 is a key indicator of the current market value of homes in the area. This price point, combined with the low median days on the market and high list to sold price percentage, suggests that there is strong demand for properties in this market.
Overall, these metrics paint a picture of a market that is currently balanced but showing signs of shifting towards a buyer’s market. Sellers should be mindful of pricing their homes competitively to attract buyers, while buyers may have more negotiating power in the current market conditions. It is essential for both buyers and sellers to stay informed and work with a knowledgeable real estate agent to navigate the market 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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