As a real estate professional, it is important to understand the correlation between various metrics in the market to provide valuable insights to both buyers and sellers.
The Months Supply of Inventory is a key indicator of market conditions, with a current value of 3.12 months. This reflects a balanced market where supply and demand are relatively in equilibrium. However, the 12-Month Change in Months of Inventory has increased by +19.08%, indicating a slight shift towards more inventory entering the market.
The Median Days Homes are On the Market is 37, showing that properties are selling relatively quickly. This can be attributed to the List to Sold Price Percentage of 97.4%, indicating that homes are typically selling close to their listing price.
Furthermore, the Median Sold Price of $490,000 demonstrates the average price at which homes are selling in the current market. This can be used as a benchmark for both buyers and sellers to understand the value of properties in the area.
Overall, these metrics suggest a market that is balanced with properties selling at a relatively quick pace and close to their listing price. Buyers can expect to find homes that are priced competitively, while sellers may benefit from the current market conditions to sell their properties efficiently.
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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