The real estate market is currently experiencing a low inventory with only 3.27 months supply available. This means that there are fewer homes for sale compared to the demand from buyers.
The 12-month change in months of inventory has increased by +7.92%, indicating a slight increase in the number of homes available for sale. However, this change is not significant enough to alleviate the overall tight market conditions.
Homes are spending an average of 58 days on the market before being sold, which is relatively quick compared to previous market conditions. This indicates a high demand for homes in the area.
The list to sold price percentage is at a strong 97.4%, showing that sellers are able to sell their homes close to their asking price. This suggests that there is competition among buyers, leading to offers close to the listing price.
The median sold price in the market is $427,539, indicating a healthy real estate market with stable prices. Buyers can expect to pay close to the median price for a home in this area.
Overall, the data shows a competitive real estate market with low inventory, quick selling times, and strong prices. Buyers should be prepared to act fast and potentially pay close to the asking price, while sellers can expect to receive strong offers for their homes.
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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