As a real estate professional, it is important to understand the correlation between key metrics in order to provide valuable insights to both buyers and sellers.
The current Months Supply of Inventory stands at 3.97, indicating a balanced market where supply and demand are relatively equal. However, the 12-Month Change in Months of Inventory has increased by a significant +91.79%, suggesting a shift towards a more buyer-friendly market with an increase in available inventory.
Despite the increase in inventory, the Median Days Homes are On the Market remains low at 23 days, indicating that homes are selling relatively quickly. This could be attributed to the high Sold to List Price Percentage of 98%, showing that sellers are receiving offers close to their asking price.
Furthermore, the Median Sold Price of $330,000 reflects the current market value of homes in the area. Buyers may find this price point attractive, especially with the high percentage of homes selling at or near the list price.
In conclusion, the data suggests that there is a balance between supply and demand in the market, with homes selling quickly at prices close to the list price. Buyers and sellers alike can use this information to make informed decisions in the current real estate market.
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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