The real estate market is currently experiencing a low inventory with only 2.66 months supply available. This indicates a high demand for homes in the area. However, there has been a significant increase in the months of inventory over the past year, with a 39.27% rise. This could potentially signal a shift towards a more balanced market in the near future.
Despite the increase in inventory, homes are still selling relatively quickly, with a median of only 20 days on the market. This suggests that buyers are eager to snatch up available properties in the area. Additionally, the list to sold price percentage is high at 98.4%, indicating that sellers are receiving close to their asking price.
The median sold price for homes in the area is $366,000, which is a strong indicator of a healthy real estate market. Buyers can expect to pay a competitive price for properties in this area, while sellers can anticipate a good return on their investment.
Overall, these metrics paint a picture of a dynamic real estate market with high demand and strong selling prices. Both buyers and sellers should pay attention to these trends when considering their next move in the real estate 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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