Hi Friends, the real estate market is currently experiencing a low inventory level with only 2.77 months supply of inventory available. This means that if no new listings were added, it would take approximately 2.77 months for all the existing homes on the market to be sold.
Over the past 12 months, there has been a significant increase of 41.33% in the months of inventory, indicating a trend towards a more balanced market where supply is starting to outpace demand.
Despite the increase in inventory, homes are still selling relatively quickly, with a median of 29 days on the market. This shows that there is still strong buyer interest in the market.
Sellers are also seeing good returns on their properties, with homes selling at an average of 97.7% of the listing price. This indicates 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 $307,000, showing that there is demand for homes at this price point and buyers are willing to pay for properties in this range.
Overall, the market is showing signs of stability with a balanced inventory level, relatively quick sales, and strong list to sold price percentage. Buyers and sellers can both find opportunities in this market, with sellers able to sell their homes at a good price and buyers able to find homes that meet their needs at a reasonable cost.
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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