The real estate market is currently experiencing a relatively low supply of inventory, with only 2.64 months of available homes for sale. This means that if no new homes were added to the market, it would take just over two and a half months to sell all existing inventory.
Over the past year, there has been a 2.72% increase in the number of months of inventory available. This suggests that the market may be shifting towards a more balanced state, with slightly more homes available for buyers to choose from.
Homes in this market are selling relatively quickly, with a median of 50 days on the market before being sold. This indicates a high level of demand and competition among buyers for available properties.
Sellers are seeing strong results in terms of the list to sold price percentage, with homes selling at an average of 96.9% of their list 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 $442,176, indicating that homes are selling at a relatively high price point. This could be due to a combination of factors such as low inventory, high demand, and favorable market conditions.
Overall, these metrics suggest that it is currently a seller’s market, with low inventory, high demand, and strong pricing. Buyers should be prepared to act quickly and competitively in order to secure a property, while sellers may benefit from pricing their homes strategically to maximize their return on investment.
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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