The real estate market data shows a correlation between several key metrics that are important for both buyers and sellers to consider when navigating the current market conditions.
First, the Months Supply of Inventory is at 3.72, indicating a relatively low supply of homes available for sale compared to the demand from buyers. This can lead to increased competition among buyers and potentially higher selling prices for sellers.
The 12-Month Change in Months of Inventory has seen a significant increase of +73.02%, suggesting a shift towards a more balanced market where there may be more inventory available for buyers to choose from in the coming months.
Despite the lower inventory levels, homes are still selling relatively quickly with a Median Days on Market of 33. This indicates that well-priced homes are in high demand and are not staying on the market for extended periods of time.
The Sold to List Price Percentage of 97.5% shows that homes are selling very close to their list price, indicating a strong seller’s market where buyers may need to be prepared to make competitive offers in order to secure a property.
Finally, the Median Sold Price of $405,869 reflects the current market value of homes in the area, providing important information for both buyers and sellers to use as a reference point when making decisions about pricing and negotiations.
Overall, these metrics paint a picture of a real estate market that is competitive and dynamic, with opportunities for both buyers and sellers to make informed decisions based on the current 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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