The current real estate market is experiencing a relatively low inventory level with a months supply of inventory at 2.73. This means that at the current sales pace, it would take approximately 2.73 months to sell all the available homes on the market.
However, it is important to note that there has been a significant increase in the months of inventory over the past year, with a 12-month change of +49.18%. This indicates that inventory levels have been rising, which could potentially lead to more options for buyers in the near future.
Despite the increase in inventory, homes are still selling relatively quickly, with a median days on the market of 46. This suggests that there is still strong demand for homes in the area.
Sellers can take comfort in the fact that homes are selling close to their list price, with a sold to list price percentage of 97%. This means that sellers are receiving offers close to their asking price, indicating a healthy market.
The median sold price of $277,000 shows that homes in the area are selling at a reasonable price point, which could attract both buyers and sellers looking for a good deal.
Overall, the real estate market in this area appears to be balanced, with a good mix of inventory, days on market, and sold prices. Buyers and sellers should pay attention to these metrics to make informed decisions 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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