The real estate market is currently experiencing a healthy balance between supply and demand, with a months supply of inventory at 4. This means that at the current rate of sales, it would take 4 months to sell all the available homes on the market.
Over the past 12 months, there has been a slight increase of 0.34% in the months of inventory, indicating a gradual shift towards a more balanced market. This may suggest that buyers have more options to choose from, leading to a slightly longer time on the market for homes.
Despite this increase in inventory, homes are still selling quickly, with a median of just 5 days on the market. This rapid turnover can be attributed to the strong demand for homes in the current market.
Sellers are also seeing success in terms of pricing, with homes selling for an average of 97% of the listing price. This high sold to list price percentage indicates that sellers are able to command strong offers for their properties.
The median sold price for homes in this market is $425,000, reflecting the overall strength and stability of the real estate market in this area.
Overall, these metrics suggest a balanced and competitive real estate market, with opportunities for both buyers and sellers to achieve their goals.
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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