As a buyer or seller in today’s real estate market, it is important to understand the correlation between various key metrics to make informed decisions.
Firstly, the Months Supply of Inventory is a crucial indicator of market conditions, with the current level at 2.8 months. This means that at the current pace of sales, it would take approximately 2.8 months to sell all the available properties on the market.
The 12-Month Change in Months of Inventory has seen a slight increase of +3.32%, indicating a slight shift towards a more balanced market with slightly more inventory available compared to the previous year.
The Median Days Homes are On the Market is a low 21 days, suggesting that properties are selling relatively quickly. This could be attributed to the high List to Sold Price Percentage of 97.3%, indicating that sellers are pricing their homes competitively and buyers are willing to pay close to the asking price.
In terms of pricing, the Median Sold Price stands at $371,000, providing valuable insight into the average price of homes in the market. This information can be used by both buyers and sellers to gauge pricing trends and make informed decisions.
Overall, these metrics suggest a market that is relatively balanced, with properties selling quickly at prices close to the asking price. Buyers may need to act quickly when they find a desirable property, while sellers can take advantage of the current market conditions to achieve a favorable sale price.
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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