The real estate market is currently experiencing a very low supply of inventory, with only 0.69 months worth of homes available for sale. This indicates a high demand for homes in the area, which is further supported by the fact that there has been a significant decrease of 56.05% in the number of months of inventory over the past year.
Despite this low inventory, homes are spending an average of 114 days on the market before being sold. This may be due to buyers taking their time to carefully consider their options, or it could be a reflection of the competitive nature of the market.
Sellers are seeing strong returns on their investments, with homes selling for an average of 97.8% of their list price. This demonstrates that there is still room for negotiation, but buyers are generally willing to pay close to the asking price for desirable properties.
The median sold price for homes in the area is currently $460,000, indicating that there is a healthy market for both entry-level and higher-end properties. Overall, these metrics suggest that now is a good time for both buyers and sellers to enter the market, as there is a balance of supply and demand that is conducive to successful transactions.
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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