The real estate market is currently experiencing a moderate level of inventory, with a Months Supply of Inventory at 3.84. This means that at the current rate of sales, it would take approximately 3.84 months to sell all the available homes on the market.
The 12-Month Change in Months of Inventory has increased by +17.07% compared to the previous year, indicating a slight uptick in inventory levels. This could potentially provide buyers with more options to choose from and alleviate some of the competition in the market.
Homes are spending a relatively short amount of time on the market, with a median of 31 days before being sold. This quick turnover time suggests a high demand for properties in the area and a competitive market for buyers.
Sellers are seeing strong returns on their investments, with the List to Sold Price Percentage at 97.2%. This means that homes are typically selling very close to their listing price, indicating that sellers are able to secure favorable deals in the current market conditions.
The Median Sold Price for homes in the area is $320,500, reflecting a healthy and stable real estate market. Overall, these metrics suggest a balanced market where both buyers and sellers can find opportunities to meet their needs.
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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