As a professional in the real estate industry, it is important to understand the correlation between various metrics to make informed decisions when buying or selling a home.
One key metric to consider is the Months Supply of Inventory, which currently stands at 3.17. This indicates the number of months it would take to sell all the homes on the market based on the current sales pace. A lower number suggests a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory is also crucial to consider, with a significant increase of 17.84%. This suggests that inventory levels have increased over the past year, potentially leading to a more balanced market or even a buyer’s market.
The Median Days Homes are On the Market is 25, indicating that homes are selling relatively quickly in this market. This could be attributed to the high List to Sold Price Percentage of 97.5%, showing that sellers are generally receiving close to their asking price.
Finally, the Median Sold Price in this market is $409,995. This information is important for both buyers and sellers to understand the current market value of homes in the area.
Overall, these metrics suggest a market that is moving quickly with a balanced inventory level and strong seller pricing. Buyers may need to act fast in making offers, while sellers can expect to receive offers close to their asking price. Keep these factors in mind when navigating the real estate 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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