The real estate market is currently experiencing a healthy balance between supply and demand, as indicated by the Months Supply of Inventory at 3.12. This metric represents the number of months it would take to sell all the available homes on the market at the current pace of sales. A lower number suggests a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory has increased by +51.46%, signaling a slight shift towards a more balanced market compared to the previous year. This could be attributed to factors such as increased inventory or a decrease in demand.
Homes are selling quickly, with the Median Days on Market at just 5 days. This suggests that there is strong buyer interest in the market, leading to quick sales for sellers.
The List to Sold Price Percentage is at 101.6%, indicating that homes are selling for slightly above their listed price. This could be a result of competitive bidding among buyers or sellers pricing their homes strategically.
Lastly, the Median Sold Price for homes in this market is $1,650,000, showing that it is a high-end market with luxury properties. Sellers can expect to receive a good return on their investment, while buyers may need to be prepared to pay a premium for desirable homes in this area.
Overall, these metrics paint a picture of a dynamic real estate market with strong demand, limited inventory, and competitive pricing. Both buyers and sellers should be prepared to act quickly and strategically in order to achieve their goals in this market.
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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