The real estate market is currently displaying a healthy balance between supply and demand, as indicated by the Months Supply of Inventory standing at 3.2. This metric represents the number of months it would take to sell all current listings at the current pace of sales.
The 12-Month Change in Months of Inventory has increased by +11.11%, suggesting a slight uptick in inventory levels over the past year. This could potentially provide buyers with more options to choose from and alleviate some of the competition in the market.
The Median Days Homes are On the Market is 44, indicating that properties are selling relatively quickly. This is likely due to the strong demand for housing in the area and the favorable market conditions.
The List to Sold Price Percentage is at 96.8%, showing that homes are typically selling close to their listing price. This could be a reassuring sign for sellers, as it indicates that they are receiving strong offers on their properties.
Lastly, the Median Sold Price is $426,596, reflecting the average price at which homes are selling in the current market. This figure can help both buyers and sellers gauge the overall affordability and value of properties in the area.
Overall, these metrics suggest a balanced and active real estate market, with properties selling quickly and at prices close to their listing price. Buyers and sellers should closely monitor these indicators to make informed decisions in the current market environment.
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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