When analyzing the current real estate market, we can see a correlation between several key metrics that can provide valuable insights for both buyers and sellers.
First, let’s focus on the Months Supply of Inventory, which currently stands at 4.34. This metric indicates the number of months it would take to sell all the homes on the market at the current pace of sales. A lower number typically indicates a seller’s market, while a higher number suggests a buyer’s market.
The 12-Month Change in Months of Inventory has increased by +65.02%, showing a significant shift in the market over the past year. This could indicate a trend towards a more balanced market or potentially a cooling off of demand.
The Median Days Homes are On the Market is 21, which is relatively low and suggests that homes are selling quickly in this market. This could be attributed to high demand or limited inventory.
The Sold to List Price Percentage is at 97%, indicating that homes are typically selling very close to their list price. This could suggest that sellers are pricing their homes competitively and buyers are willing to pay close to asking price.
Finally, the Median Sold Price is $387,500, giving buyers and sellers a benchmark for the current market value of homes in the area.
Overall, these metrics paint a picture of a market with moderate inventory, quick sales, and strong buyer demand. Sellers may find it to be a favorable time to list their homes, while buyers should be prepared to act quickly and make competitive offers. Keeping an eye on these metrics can help both parties navigate the real estate market effectively.
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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