As we analyze the current real estate market metrics, we can see a correlation between these key indicators that can provide valuable insights for both buyers and sellers.
First, let’s look at the Months Supply of Inventory, which currently stands at 3.4. This metric indicates the number of months it would take to sell all the homes on the market at the current pace of sales. A lower supply of inventory typically indicates a seller’s market, where demand exceeds supply, leading to potentially higher prices.
Next, the 12-Month Change in Months of Inventory has increased by +61.14%. This significant increase in inventory over the past year suggests a shift towards a more balanced market, where there may be more options for buyers to choose from.
The Median Days Homes are On the Market is 43, indicating that homes are selling relatively quickly in this market. This could be attributed to the high demand and low inventory, resulting in a competitive market for buyers.
The Sold to List Price Percentage is at 96.8%, showcasing that homes are generally selling close to their listing price. This could indicate that sellers are pricing their homes competitively and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price is $415,000, giving buyers and sellers a benchmark for the average price of homes in this market. This information can help sellers determine a competitive listing price and buyers gauge the affordability of homes in the area.
Overall, these metrics suggest a dynamic real estate market with opportunities for both buyers and sellers. Buyers may find more options and potentially more negotiating power, while sellers may benefit from strong demand and competitive pricing. It is important for both parties to stay informed and work with a knowledgeable real estate professional to navigate this ever-changing market successfully.
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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