As we analyze the current real estate market metrics, we can see a correlation between the Months Supply of Inventory, the 12-Month Change in Months of Inventory, the Median Days Homes are On the Market, the Sold to List Price Percentage, and the Median Sold Price.
The Months Supply of Inventory is currently at 3.52, indicating a relatively low inventory of homes for sale. This low supply is further emphasized by the fact that the 12-Month Change in Months of Inventory has increased by +73.4%. This significant increase shows a trend of decreasing inventory levels, which can lead to increased competition among buyers.
Despite the low inventory levels, homes are selling relatively quickly with a Median Days On the Market of 27. This quick turnaround time suggests that there is strong demand in the market, potentially driving up prices.
Speaking of prices, the Median Sold Price is $423,000, indicating a healthy market where homes are selling at a reasonable price point. Additionally, the Sold to List Price Percentage is 97.9%, showing that homes are typically selling close to their list price.
Overall, these metrics paint a picture of a competitive real estate market with low inventory levels, high demand, and homes selling quickly at or near their list price. Buyers may need to act fast and be prepared to make competitive offers, while sellers can expect to see strong interest in their properties.
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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