When analyzing the real estate market, it is important to consider various metrics to gain a comprehensive understanding of current trends.
First, let’s look at the Months Supply of Inventory, which is currently at 3.23. This metric indicates how long it would take to sell all the homes on the market given the current sales pace. A lower number typically indicates a seller’s market, where demand exceeds supply.
Next, the 12-Month Change in Months of Inventory has increased by 45.5%. This significant increase suggests a shift towards a more balanced market or potentially even a buyer’s market. Buyers may have more options to choose from and could have more negotiating power.
The Median Days Homes are On the Market is 30, which reflects the average time it takes for a home to sell. A lower number indicates a faster-moving market, while a higher number may suggest homes are sitting on the market longer.
The Sold to List Price Percentage of 95.2% shows that homes are typically selling close to their listing price. This can give sellers confidence in their pricing strategy, while buyers may need to be prepared to make competitive offers.
Lastly, the Median Sold Price is $310,000, providing insight into the average selling price in the market. This can help both buyers and sellers understand current property values and make informed decisions.
Overall, these metrics paint a picture of a dynamic real estate market with a balance of supply and demand. Buyers and sellers alike should stay informed and work with a knowledgeable real estate professional to navigate these market conditions effectively.
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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