The real estate market currently has a low inventory level with only 2.76 months supply of homes available for sale. This indicates a seller’s market, where there are more buyers than there are homes for sale.
However, there has been a significant increase in the months of inventory compared to the previous year, with a 71.43% change. This could suggest a shift towards a more balanced market, giving buyers more options to choose from.
Homes are selling relatively quickly, with a median of 24 days on the market. This shows that there is strong demand for properties in the area.
Sellers are also receiving a high percentage of their asking price, with homes selling at a median of 97.2% of the list price. This indicates that sellers are able to negotiate favorable terms in the current market.
The median sold price for homes in this area is $380,000, showing that there is a healthy real estate market with prices that are holding steady.
Overall, these metrics suggest a dynamic real estate market with opportunities for both buyers and sellers. Buyers may find more options available due to the increase in inventory, while sellers can take advantage of the strong demand and high list to sold price percentage.
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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