The current real estate market is showing signs of high demand and low inventory, as indicated by the low Months Supply of Inventory at 2.71. This means that if no new homes were to be listed, it would take approximately 2.71 months for all the current homes on the market to be sold.
Furthermore, the 12-Month Change in Months of Inventory has decreased by 20.99%, indicating a trend towards even lower inventory levels. This could potentially lead to increased competition among buyers and higher selling prices for sellers.
The Median Days Homes are On the Market is a mere 2 days, suggesting that properties are selling quickly once they are listed. This rapid turnover time may be attributed to the high demand and limited supply in the market.
The List to Sold Price Percentage of 96.5% indicates that homes are generally selling close to their asking price, providing reassurance to sellers that they can expect to receive a fair offer for their property.
Lastly, the Median Sold Price of $515,000 reflects the current market value of homes in this area. With low inventory and high demand, sellers may have the opportunity to fetch a premium price for their properties.
Overall, the data suggests that the current real estate market is favorable for sellers, with quick sales, high list to sold price percentages, and potentially higher selling prices. Buyers should be prepared to act fast and make competitive offers in order to secure a property in this competitive 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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