Hi Friends, the real estate market is currently experiencing a low inventory with only 2.7 months supply available. This means that there is a high demand for properties and limited options for buyers to choose from.
The 12-month change in months of inventory has increased by 22.73%, indicating a slight shift towards a more balanced market. This could be due to a decrease in demand or an increase in the number of properties available for sale.
Homes are spending a median of 44 days on the market before being sold, which is relatively quick and suggests a healthy level of activity in the market. This could be attributed to the low inventory and high demand for properties.
The list to sold price percentage is at 97.5%, indicating that sellers are able to sell their homes at prices close to their listing price. This suggests that buyers are willing to pay close to the asking price for properties in this market.
The median sold price is $400,000, which gives an idea of the average price of homes being sold in this market. This could be a helpful benchmark for both buyers and sellers to gauge the value of properties in the area.
Overall, the current real estate market is characterized by low inventory, high demand, quick sales, and strong pricing. Buyers and sellers should take these factors into consideration when making decisions in this market.
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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