As a Real Estate professional, it is important to understand the correlation between various metrics in the market to provide valuable insights to both buyers and sellers.
The current Months Supply of Inventory stands at 2.94, indicating a relatively low inventory level. However, there has been an 11.36% increase in the Months of Inventory over the past year, suggesting a potential shift towards a more balanced market in the near future.
The Median Days Homes are On the Market is 30, reflecting a quick turnover rate for properties in this market. This, combined with a List to Sold Price Percentage of 97.4%, indicates a high demand for homes and strong negotiation power for sellers.
Despite the competitive market conditions, the Median Sold Price remains at a healthy $333,162. This suggests that buyers are willing to pay a premium for properties in this market, further reinforcing the seller’s advantage.
Overall, these metrics paint a picture of a dynamic and fast-paced real estate market with strong demand and limited supply. Buyers should act quickly and be prepared to make competitive offers, while sellers can expect favorable selling conditions and potentially higher selling prices.
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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