The real estate market is currently experiencing a low inventory with only 2.33 months supply available. This indicates a high demand for properties in the area. Additionally, there has been a significant decrease of 22.85% in the months of inventory over the past year, showing that properties are selling at a faster rate.
Homes in this market are staying on the market for a median of 146 days, which is relatively high compared to other areas. However, the list to sold price percentage is strong at 92.3%, meaning that sellers are able to negotiate prices close to their asking price.
The median sold price for homes in this market is $5,025,000, indicating that it is a high-end market with luxury properties. Buyers should be prepared for competitive pricing and quick sales, while sellers can expect to receive strong offers close to their asking price.
Overall, this data suggests that the real estate market in this area is active and competitive, with high demand for properties and strong prices. Buyers and sellers should be prepared to act quickly and strategically in order to achieve their real estate goals.
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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