The real estate market is currently showing a strong seller’s market, as indicated by the low Months Supply of Inventory at 3.2 months. This means that at the current pace of sales, it would take approximately 3.2 months to sell all the available homes on the market.
Furthermore, the 12-Month Change in Months of Inventory has decreased by -3.61%, suggesting that the market is becoming even more competitive for buyers. This decrease in inventory is likely contributing to the relatively short Median Days Homes are On the Market at 40 days. Homes are selling quickly, indicating high demand and low supply.
Despite the competitive market conditions, sellers are still seeing strong returns on their properties, with the List to Sold Price Percentage at 97.5%. This means that on average, homes are selling for 97.5% of their listing price.
The Median Sold Price in this market is $332,500, indicating that home values are holding steady and potentially even increasing due to the high demand and limited inventory.
Overall, buyers should be prepared to act quickly and make strong offers in this competitive market, while sellers can expect to see good returns on their properties.
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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