The real estate market is currently experiencing a moderate level of inventory with a months supply of inventory at 3.39. This indicates that it would take approximately 3.39 months to sell all the current homes on the market if no new listings were added.
Over the past 12 months, there has been a significant increase in the months of inventory by 30.38%. This suggests that there are more homes available for sale compared to the previous year, potentially giving buyers more options to choose from.
Despite the increase in inventory, homes are still selling relatively quickly with a median of 67 days on the market. This indicates that there is still strong demand for homes in this market.
Sellers are also receiving favorable offers, with homes selling at an average of 97.5% of the list price. This suggests that buyers are willing to pay close to the asking price for homes in this market.
The median sold price in this market is $402,000, indicating that homes are selling at a relatively high price point. This could be due to a combination of factors such as location, demand, and overall market conditions.
Overall, the data suggests that this real estate market is balanced, with a moderate level of inventory, strong demand, and favorable selling conditions for sellers. Buyers may have more options to choose from, but should still act quickly to secure a home in this market. Sellers can expect to receive competitive offers and potentially sell their homes at a good price.
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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