When analyzing the current real estate market, several key metrics provide valuable insight into the state of the industry.
Firstly, the Months Supply of Inventory stands at 3.26, indicating a relatively balanced market where there is a healthy balance between supply and demand. However, it is important to note that the 12-Month Change in Months of Inventory has increased by 25.87%, suggesting a slight shift towards more inventory entering the market.
The Median Days Homes are On the Market is 26, which is a relatively short amount of time compared to historical averages. This indicates that homes are selling quickly, likely due to high demand and low inventory levels.
The Sold to List Price Percentage is at 91.3%, which shows that sellers are typically receiving close to their asking price. This could be attributed to the competitive nature of the current market, where buyers are willing to pay close to or at the asking price to secure a property.
Finally, the Median Sold Price currently stands at $238,695, indicating the average price at which homes are selling. This provides valuable information for both buyers and sellers in determining fair market value and making informed decisions.
Overall, these metrics highlight a dynamic real estate market with strong demand, limited inventory, and homes selling quickly at close to the asking price. Buyers and sellers should take note of these trends when navigating the current market conditions.
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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