The real estate market is currently experiencing a low inventory situation with only 1.6 months supply of homes available. This means that there are fewer homes for sale compared to the demand from buyers, which can lead to increased competition and potentially higher prices for sellers.
The 12-month change in months of inventory has increased by +2.56%, indicating a slight uptick in the number of homes available for sale compared to the previous year. This could be a positive sign for buyers looking for more options in the market.
Homes are selling quickly with a median of only 14 days on the market, showing strong buyer interest and a sense of urgency in the market. This could be attributed to the low inventory levels and high demand for homes.
Sellers are seeing good returns on their properties with a sold to list price percentage of 96.1%, indicating that homes are selling close to their asking price. This could be a reflection of the competitive market conditions and strong buyer demand.
The median sold price for homes is $485,000, showing a healthy market with stable prices. Buyers and sellers can expect a fair market value for their properties in this current real estate environment.
Overall, the data suggests that the real estate market is active and competitive, with low inventory levels, quick sales, and strong buyer interest. Buyers may need to act fast and be prepared to make competitive offers, while sellers can expect a good return on their investment.
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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