The real estate market is currently experiencing a low inventory with only 2.44 months supply available, indicating a seller’s market. This is further supported by the 12-month change in months of inventory, which has increased by 1.67%, suggesting a trend towards even lower inventory levels.
Despite the limited inventory, homes are selling relatively quickly with a median of 28 days on the market. This can be attributed to the high demand for properties in the area. Additionally, the sold to list price percentage is at 97.8%, indicating that sellers are generally receiving close to their asking price.
The median sold price for homes in this market is $775,000, reflecting the strong demand and limited supply driving prices up. Buyers should be prepared to act quickly and potentially offer competitive bids in order to secure a property in this competitive market.
Sellers, on the other hand, can expect to see a high level of interest in their properties and may benefit from pricing their homes competitively to attract multiple offers. Overall, these metrics indicate a dynamic and competitive real estate market that is favorable for both buyers and sellers.
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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