Hi Friends, the real estate market is currently experiencing a low supply of inventory, with only 2.58 months’ worth of homes available for sale. This is indicative of a strong seller’s market, as there are fewer homes for buyers to choose from. However, the 12-month change in months of inventory has decreased by 35.66%, showing a trend towards a more balanced market in the future.
Homes are selling relatively quickly, with a median of 29 days on the market before being sold. This quick turnaround time can be attributed to the high list to sold price percentage of 96.6%, indicating that sellers are pricing their homes competitively and buyers are willing to pay close to the asking price.
The median sold price for homes in this market is $490,291, reflecting the overall demand for housing in the area. Buyers can expect to pay close to the median price for a home, while sellers can anticipate receiving a strong offer due to the low inventory and high list to sold price percentage.
Overall, these metrics paint a picture of a competitive real estate market with limited inventory and strong buyer demand. Buyers and sellers alike should be prepared to act quickly and strategically in order to achieve their desired outcomes in this market.
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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