Understanding the correlation between key real estate metrics can provide valuable insights for both buyers and sellers in the current market.
With a Months Supply of Inventory at 2.85, there is a relatively low supply of homes available for sale compared to the demand from buyers. This indicates a competitive market where sellers may have the upper hand in negotiations.
The 12-Month Change in Months of Inventory of +15.38% suggests that inventory levels have increased over the past year. This could potentially lead to a more balanced market in the near future, giving buyers more options to choose from.
The Median Days Homes are On the Market at 12 days indicates that homes are selling quickly in this market. This could be due to high demand and low inventory levels, leading to a sense of urgency among buyers.
The Sold to List Price Percentage of 98.1% shows that homes are selling very close to their asking price. This indicates that sellers are pricing their homes competitively and that buyers are willing to pay close to the asking price to secure a property.
Lastly, the Median Sold Price of $370,000 gives an idea of the average price point in this market. Buyers can use this information to gauge the affordability of homes in the area, while sellers can use it to price their homes competitively.
Overall, these metrics paint a picture of a competitive real estate market with low inventory levels, high demand, and quick sales. Buyers and sellers should use this information to navigate the market effectively and make informed decisions.
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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