The real estate market is currently showing signs of strong demand with a relatively low supply of inventory, as indicated by the Months Supply of Inventory being 3.71. This means that at the current rate of sales, it would take approximately 3.71 months to sell all the homes on the market.
The 12-Month Change in Months of Inventory of -7.02% suggests that the supply of homes has decreased over the past year, indicating a tightening market. This can be attributed to factors such as low interest rates, a strong economy, and high buyer demand.
The Median Days Homes are On the Market being 28 reflects a fast-moving market where homes are selling quickly. This is good news for sellers as it indicates a high level of buyer interest and competition.
The List to Sold Price Percentage of 97.4% indicates that homes are generally selling close to their listing price. This suggests a balanced market where both buyers and sellers are able to negotiate fairly.
Lastly, the Median Sold Price of $450,000 shows a healthy market with steady appreciation in home values. This is positive news for sellers looking to maximize their return on investment.
Overall, these metrics paint a picture of a dynamic real estate market with favorable conditions for both buyers and sellers. Buyers can expect to face competition and act quickly when making offers, while sellers can take advantage of the strong demand and potentially achieve a higher selling price for their homes.
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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