The real estate market is currently experiencing a low inventory situation, with a months supply of inventory at 2.61. This means that at the current rate of sales, it would take approximately 2.61 months to sell all the available homes on the market.
The 12-month change in months of inventory is -0.27%, indicating a slight decrease in available inventory compared to the previous year. This decline could be contributing to the competitive nature of the market, with homes selling quickly and often at or above their list price.
The median days homes are on the market is 20, which is relatively short compared to historical averages. This quick turnaround time further supports the idea of a strong seller’s market, where demand for homes is outpacing supply.
The sold to list price percentage is 0.98%, suggesting that homes are typically selling for just under their asking price. This indicates that sellers have the upper hand in negotiations, with buyers willing to pay close to the list price to secure a property.
Lastly, the median sold price is $842,500, a figure that reflects the current pricing trends in the market. With low inventory and high demand, prices are being driven up, resulting in a higher median sold price.
Overall, these metrics paint a picture of a competitive real estate market with limited inventory, quick sales, and rising prices. Buyers should be prepared to act fast and potentially pay close to the list price, while sellers may find themselves in a favorable position to maximize their return on investment.
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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