As a potential buyer or seller in the current real estate market, it is important to understand the correlation between key metrics in order to make informed decisions.
The Months Supply of Inventory is a crucial indicator of market balance, with a current rate of 4.23 months. This means it would take approximately 4.23 months to sell all existing inventory at the current sales pace.
The 12-Month Change in Months of Inventory has seen a significant increase of +14.32%, indicating a shift towards a more buyer-friendly market. This trend suggests that there may be more inventory available for buyers to choose from.
The Median Days Homes are On the Market is 44, which indicates that homes are selling relatively quickly in this market. This could be attributed to the high List to Sold Price Percentage of 96.7%, showing that sellers are receiving close to their asking price.
The Median Sold Price of $304,995 reflects the current market value of homes in the area. This data point is important for both buyers and sellers to understand in order to make competitive offers or list their homes at the right price.
Overall, these metrics suggest a market that is balanced but slightly favoring buyers, with homes selling quickly and sellers receiving close to their asking price. Buyers may have more options to choose from, while sellers should be mindful of pricing their homes competitively. Keeping an eye on these metrics can help both buyers and sellers navigate the real estate market 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.
Download our FREEBIES here!
The Ultimate Home Buyer’s Guide
The Ultimate Home Seller’s Guide
Find us on YouTube!
#jenniferyoingcorealtor #jenniferyoingco #JenniferYoingcoTexas #houstonsuburb #houstonsuburbs #houstonsuburbgroup #texasrelocationexperts #HoustonRelocationExpert #HoustonRelocationSpecialist #NurseRelocationExpert #NurseRelocationSpecialist #newhomeconstruction #thehighlands #ravennahomes #ravennahomesforsale #ravennahomesrealtor #ravennahomesrealestateagent #springtexas #tomballtexas #livinginhoustontexas #livinginhouston #thewoodlandstexas #conroetexas #montgomerytexas #cypresstexas #newcaneytexas #portertexas #katytexas #pearlandtexas #richmondtexas #fulsheartexas #sugarlandtexas #houstontexas #magnoliatexas #hockleytexas #pinehursttexas #jerseyvillagetexas #humbletexas
