The real estate market is currently experiencing a moderate level of inventory with a 3.45 months supply available. This indicates a balanced market where there is a relatively equal balance between the number of homes for sale and the number of buyers in the market.
Over the past 12 months, there has been an increase of 8.15% in the months of inventory. This suggests that there has been a slight increase in the number of homes available for sale compared to the number of homes being sold. This could potentially indicate a shift towards a buyer’s market, where buyers have more options to choose from and may have more negotiating power.
Despite the increase in inventory, homes are still selling relatively quickly with a median of 25 days on the market. This indicates that there is still strong demand for homes in the market.
Sellers are also seeing strong returns on their investment, with homes selling for an average of 97.9% of their list price. This shows that sellers are pricing their homes competitively and buyers are willing to pay close to asking price.
The median sold price in this market is $499,994, indicating a healthy market with strong property values. Overall, this data suggests a market that is balanced, with steady demand, competitive pricing, and strong property values. Buyers and sellers can expect a fair and active market with opportunities for both parties.
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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