As of the most recent data, the real estate market is showing signs of a shift towards a more balanced market. The Months Supply of Inventory is currently at 2.72, indicating that there is still a relatively low inventory of homes available for sale. However, the 12-Month Change in Months of Inventory has increased by 110.85%, suggesting that more homes are entering the market compared to the previous year.
Despite the increase in inventory, homes are still selling relatively quickly, with a median of 20 days on the market. This is indicative of strong demand from buyers in the market. Additionally, the List to Sold Price Percentage is at 98.6%, indicating that homes are generally selling close to their asking price.
The Median Sold Price is $345,000, which is a key metric for both buyers and sellers. For buyers, this price point can provide an idea of the market value for homes in the area. For sellers, it can help determine a competitive listing price to attract potential buyers.
Overall, these metrics paint a picture of a real estate market that is experiencing some changes but remains relatively strong. Buyers may need to act quickly to secure a home in a competitive market, while sellers can leverage the low inventory and high list to sold price percentage to potentially maximize their returns.
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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