As a real estate professional, it is important to understand the correlation between key metrics in the housing market to help buyers and sellers make informed decisions.
The Months Supply of Inventory is currently at 3.39, indicating a balanced market where there is a healthy amount of supply to meet demand. However, the 12-Month Change in Months of Inventory has seen a significant increase of +63.77%, suggesting a slight shift towards a buyer’s market as inventory levels have risen over the past year.
Despite this increase in inventory, the Median Days Homes are On the Market is relatively low at 29 days, indicating that homes are selling quickly in this market. The Sold to List Price Percentage of 97.7% further confirms that sellers are able to command close to their asking price, showing strong buyer interest and competition for available properties.
The Median Sold Price of $308,500 reflects the current market value of homes in this area. With a relatively low inventory supply, quick sales, and competitive pricing, buyers may need to act fast and be prepared to make strong offers in order to secure a property in this market.
Overall, these metrics paint a picture of a dynamic real estate market with opportunities for both buyers and sellers. Buyers should be prepared to act quickly and competitively, while sellers can take advantage of the strong demand and favorable pricing conditions. By understanding these correlations, buyers and sellers can navigate the market with confidence and 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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