The real estate market currently has a months supply of inventory of 4.14, indicating a balanced market between buyers and sellers. This means that it would take approximately 4.14 months for all current inventory to be sold at the current sales pace.
The 12-month change in months of inventory has increased by 14.68%, suggesting a slight shift towards a buyer’s market. This could potentially mean more options for buyers and potentially more negotiating power.
Homes are currently spending a median of 29 days on the market before being sold. This is a relatively quick turnaround time, indicating a high demand for properties in the area.
The list to sold price percentage is at 98%, indicating that on average, homes are selling very close to their list price. This could suggest a competitive market where sellers are pricing their homes accurately.
The median sold price for homes in the area is $328,990, giving both buyers and sellers an idea of the current market value. This information can be valuable for determining a fair asking price or making an offer on a property.
Overall, these metrics paint a picture of a dynamic real estate market with both opportunities and challenges for both buyers and sellers. It is crucial for both parties to stay informed and work with a knowledgeable real estate professional to navigate the current market conditions effectively.
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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