The real estate market is currently experiencing a low inventory situation with only 2.93 months supply of homes available for sale. This means that there is high demand for properties and limited options for buyers to choose from.
The 12-month change in months of inventory has increased by 109.29%, indicating a significant shift in the market dynamics. This could be due to a decrease in the number of new listings or an increase in the number of homes being sold.
Despite the low inventory, homes are selling relatively quickly with a median of 33 days on the market. This suggests that there is strong buyer interest and properties are not staying on the market for long.
The sold to list price percentage is 97.9%, showing that homes are selling close to their asking price. This is a positive sign for sellers as it indicates a strong market where buyers are willing to pay close to the listing price.
The median sold price for homes is $373,500, indicating a stable and healthy market. This suggests that there is a balance between supply and demand, with prices remaining steady.
Overall, the current real estate market is characterized by low inventory, high demand, quick sales, and stable prices. Buyers should act quickly when they find a property they like, while sellers can expect to receive offers close to their asking price.
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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