The real estate market is currently experiencing a healthy balance between supply and demand, with a Months Supply of Inventory standing at 3.66. This indicates that there is a moderate level of inventory available for buyers to choose from, which can lead to a more competitive market for sellers.
The 12-Month Change in Months of Inventory increasing by 0.13% suggests a slight uptick in inventory levels over the past year. This could be due to an increase in new listings or a decrease in buyer demand, which may result in a more favorable market for buyers looking to purchase a home.
The Median Days Homes are On the Market being 28 days indicates that properties are selling relatively quickly in this market. This could be attributed to the limited inventory available, prompting buyers to act swiftly when a desirable property becomes available.
The Sold to List Price Percentage of 0.97% suggests that sellers are receiving close to their asking price when selling their homes. This indicates a strong market where buyers are willing to pay close to the listing price for properties, which can benefit sellers in maximizing their sale price.
With a Median Sold Price of $436,786, buyers and sellers can use this information as a reference point when evaluating the current market value of properties. This median price represents the middle point of all sold properties, giving insight into the price range of homes in the market.
Overall, these real estate metrics paint a picture of a balanced market with moderate inventory levels, quick sales, strong seller pricing, and a stable median sold price. Buyers and sellers can use this information to make informed decisions when navigating the current real estate market.
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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