As a potential buyer or seller in today’s real estate market, it’s important to understand the correlation between key metrics in order to make informed decisions.
The Months Supply of Inventory is currently at 2.04, indicating a relatively low supply of homes on the market compared to the demand. This low supply can lead to increased competition among buyers, potentially driving up prices.
The 12-Month Change in Months of Inventory has increased by 50%, suggesting a shift towards a more balanced market where supply is starting to catch up to demand. This could lead to more stable pricing and less competition for buyers.
The Median Days Homes are On the Market is 32, indicating that homes are selling relatively quickly. This could be due to the low inventory levels and high demand in the market.
The Sold to List Price Percentage is at 99.1%, showing that homes are generally selling close to their listing price. This could be a reflection of the competitive nature of the market and the willingness of buyers to pay top dollar for desirable properties.
Finally, the Median Sold Price is $534,500, giving an indication of the average price of homes being sold in the market. This can be used as a reference point for both buyers and sellers when determining the value of a property.
In summary, the current real estate market is characterized by low inventory levels, high demand, quick sales, and strong pricing. Buyers may face competition and potentially higher prices, while sellers may benefit from a seller’s market with properties selling close to their listing price. Keeping these metrics in mind can help both buyers and sellers navigate the 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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