As a real estate professional, it is important to understand the correlation between various metrics in the housing market to provide valuable insights to buyers and sellers. In this case, we have a low Months Supply of Inventory at 2.2, indicating a seller’s market where demand exceeds supply. This is further supported by the 12-Month Change in Months of Inventory, which has decreased by 11.65%, showing a trend of decreasing inventory levels.
The Median Days Homes are On the Market is 28, which is relatively low and suggests that homes are selling quickly in this market. This is reflected in the List to Sold Price Percentage of 97.6%, indicating that sellers are typically receiving close to their asking price.
Lastly, the Median Sold Price of $407,984 is a key indicator of the current market value of homes in this area. This price point, combined with the low inventory levels and quick sales, signifies a competitive market where buyers may need to act fast and be prepared to make strong offers.
In conclusion, the correlation between these metrics paints a picture of a strong seller’s market with high demand, low inventory, quick sales, and competitive pricing. Buyers and sellers alike should be aware of these trends when navigating the real estate market in order to make informed decisions.
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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