As a potential buyer or seller in the current real estate market, it is important to understand the correlation between key metrics to make informed decisions.
The Months Supply of Inventory, which currently stands at 3.78, indicates the number of months it would take to sell all the homes on the market at the current pace of sales. A lower months supply typically signifies a seller’s market, while a higher months supply suggests a buyer’s market.
The 12-Month Change in Months of Inventory has seen a significant increase of 131.9%. This indicates a shift towards a more balanced market, as the supply of homes has increased in relation to demand.
The Median Days Homes are On the Market is only 17, showcasing a fast-moving market where homes are selling quickly. This can be attributed to the low inventory levels and high demand in the area.
The List to Sold Price Percentage at 101.4% indicates that homes are generally selling for slightly above their list price. This can be a positive sign for sellers, as it shows strong buyer interest and competition in the market.
Lastly, the Median Sold Price of $915,000 gives an indication of the average price at which homes are selling in the area. This can be a helpful data point for both buyers and sellers to understand the overall market value.
Overall, these metrics suggest a dynamic and competitive real estate market where homes are selling quickly and often at or above asking price. Buyers may need to act fast and be prepared to make strong offers, while sellers may benefit from the current market conditions to maximize their returns. It is important for both parties to stay informed and work with a knowledgeable real estate professional to navigate these market dynamics 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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