When analyzing the current real estate market, we can see a correlation between the Months Supply of Inventory, the 12-Month Change in Months of Inventory, the Median Days Homes are On the Market, the List to Sold Price Percentage, and the Median Sold Price.
With a Months Supply of Inventory at 3.38, this indicates a balanced market where there is a relatively equal number of buyers and sellers. However, the 12-Month Change in Months of Inventory increasing by +3.05% suggests that there may be a slight shift towards a buyer’s market, as inventory is increasing compared to the previous year.
The Median Days Homes are On the Market at 51 days shows that properties are selling relatively quickly, which can be attributed to the List to Sold Price Percentage of 97.4%. This high percentage indicates that sellers are pricing their homes competitively and buyers are willing to pay close to asking price.
Finally, the Median Sold Price of $517,500 reflects the current market value of homes in the area. This price point, combined with the other metrics, paints a picture of a market that is stable, with homes selling at a good pace and for a fair price.
For buyers, this data suggests that there is a good selection of homes on the market, but they may need to act quickly to secure a property in this competitive market. For sellers, it indicates that now may be a good time to list their home, as properties are selling relatively quickly and for a high percentage of the asking 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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