The real estate market is currently showing a months supply of inventory at 7.77, indicating a balanced market with a healthy level of supply available for potential buyers. This means that it would take approximately 7.77 months to sell all the current inventory if no new listings were added.
The 12-month change in months of inventory has increased by 2.91%, suggesting a slight increase in the level of inventory available compared to the previous year. This could indicate a shift towards a more buyer-friendly market with more options available.
Homes are on the market for a median of 48 days, indicating that properties are selling relatively quickly in this market. This could be attributed to the high demand for homes in the area or competitive pricing strategies by sellers.
The sold to list price percentage is at 98.5%, showing that homes are typically selling very close to their listed price. This could indicate a strong seller’s market where buyers are willing to pay close to asking price for desirable properties.
The median sold price in this market is $359,000, reflecting the average price at which homes are selling. This data point can be useful for both buyers and sellers to understand the current market value of properties in the area.
Overall, these metrics suggest a balanced real estate market with a healthy level of inventory, quick sales, and strong buyer demand. Buyers and sellers can use this information to make informed decisions when navigating the current market 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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