As a potential buyer or seller in the current real estate market, it is important to understand the correlation between various key metrics to make informed decisions.
The Months Supply of Inventory, which currently stands at 3.22, indicates the number of months it would take to sell all the homes on the market based on the current pace of sales. A lower number typically indicates a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory, which has increased by +37.02%, suggests that the market may be shifting towards a more balanced or even buyer-friendly market compared to the previous year. This could mean more options for buyers and potentially more negotiating power.
The Median Days Homes are On the Market, at 45 days, gives an indication of how quickly homes are selling in the current market. A lower number suggests a faster-moving market, while a higher number could mean homes are taking longer to sell.
The Sold to List Price Percentage, which is at 97.6%, indicates that on average, homes are selling for just under the listing price. This could suggest that sellers are pricing their homes competitively and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price of $429,988 provides insight into the average price at which homes are selling in the current market. This information can be helpful for both buyers and sellers in setting realistic expectations and making informed decisions.
Overall, these metrics paint a picture of a real estate market that is dynamic and changing. Buyers may have more options and potentially more negotiating power, while sellers may need to price their homes competitively to attract buyers. Keeping an eye on these key metrics can help both buyers and sellers navigate the market successfully.
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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