The real estate market is currently showing a balanced supply and demand with a Months Supply of Inventory of 3.97. This indicates that it would take approximately 3.97 months to sell all the existing homes on the market if no new listings were added.
The 12-Month Change in Months of Inventory has seen a significant increase of +51.53%, suggesting that there has been a rise in the number of homes available for sale compared to the previous year. This increase in inventory may lead to more options for buyers and potentially lower prices.
Homes are selling relatively quickly, with a Median Days on the Market of 27. This indicates that there is strong buyer interest in the market and homes are being snapped up quickly.
Sellers are seeing a good return on their investment, with a Sold to List Price Percentage of 97.4%. This means that on average, homes are selling for 97.4% of their listing price, showing that sellers are able to negotiate favorable deals.
The Median Sold Price in the market is $500,570, indicating a healthy market where homes are selling at a competitive price point. Overall, the data suggests a market that is balanced, with opportunities for both buyers and sellers to 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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