The real estate market is currently showing a balanced supply and demand with a Months Supply of Inventory at 4.69. This means that it would take approximately 4.69 months to sell all the current inventory of homes on the market at the current sales pace.
The 12-Month Change in Months of Inventory has increased slightly by 0.32%, indicating a gradual shift towards a more balanced market. This small increase suggests that the market is relatively stable and not experiencing any drastic fluctuations in inventory levels.
Homes are selling relatively quickly with a Median Days on the Market of 34 days. This indicates that there is strong buyer demand in the market, leading to a quicker turnover of available properties.
The Sold to List Price Percentage is at 0.98%, which means that on average, homes are selling for about 98% of their listing price. This suggests that there is room for negotiation in the market, but sellers are still able to achieve a high percentage of their asking price.
The Median Sold Price of $329,632 reflects the current market value of homes in the area. Buyers can use this information to gauge the affordability of properties in the market, while sellers can use it to set competitive listing prices.
Overall, these metrics paint a picture of a stable and active real estate market with balanced supply and demand, quick turnover of properties, and reasonable pricing. Buyers and sellers alike can use this information to make informed decisions in 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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