Hi Friends, the real estate market is currently experiencing a low inventory with only 2.61 months supply available for potential buyers. This means that there is a high demand for homes and a limited number of properties on the market.
The 12-month change in months of inventory has decreased significantly by 31.68%, indicating a trend towards even lower inventory levels in the near future. This could potentially lead to increased competition among buyers and higher selling prices for sellers.
Homes are spending a median of 65 days on the market before being sold, which is relatively fast considering the low inventory levels. This suggests that properties are being snapped up quickly by eager buyers.
The list to sold price percentage is 97.7%, indicating that sellers are typically receiving close to their asking price in negotiations. This is a positive sign for sellers as it shows that the market is strong and buyers are willing to pay close to the list price for desirable properties.
The median sold price for homes is $470,000, reflecting the overall value of properties in the market. This price point is attractive to both buyers and sellers, making it a competitive and desirable market for both parties.
Overall, the current real estate market is characterized by low inventory, high demand, quick sales, and strong prices. Buyers should be prepared to act quickly and potentially pay close to the list price, while sellers can expect to receive strong offers for their properties.
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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