The real estate market is currently experiencing a low inventory situation, with only 2.8 months of supply available. This means that there are fewer homes for sale compared to the demand from buyers.
Over the past year, there has been a decrease of 1.06% in the months of inventory, indicating that the market is becoming even more competitive for buyers. This trend suggests that homes are selling at a faster pace than they are being listed for sale.
The median days that homes are on the market is 18, which is relatively short and further supports the idea of a fast-paced market. This means that homes are selling quickly after being listed, showing high demand from buyers.
The list to sold price percentage is 98.2%, indicating that on average, homes are selling very close to their listing price. This suggests that sellers are pricing their homes competitively and buyers are willing to pay close to the asking price.
The median sold price in this market is $420,000, showing that homes are selling at a relatively high price point. This could be due to the low inventory levels and high demand from buyers.
Overall, these metrics paint a picture of a competitive real estate market with low inventory, high demand, and quick turnaround times for home sales. Buyers may need to act fast and be prepared to make strong offers, while sellers may benefit from pricing their homes competitively to attract buyers 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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