As we analyze the current real estate market trends, we see a correlation between key metrics that provide valuable insights for both buyers and sellers.
The Months Supply of Inventory, which currently stands at 3.73, reflects the balance between supply and demand in the market. A lower number indicates a seller’s market, while a higher number suggests a buyer’s market. With a 12-Month Change in Months of Inventory of +28.62%, we can see that there has been an increase in inventory over the past year, potentially shifting towards a more balanced market.
The Median Days Homes are On the Market, at 36 days, indicates the average amount of time it takes for a home to sell. This relatively short time frame suggests a strong demand for housing in the area, making it a favorable market for sellers.
The Sold to List Price Percentage of 96.5% demonstrates that homes are typically selling close to their list price, indicating a competitive market where buyers may need to act quickly and make strong offers.
Lastly, the Median Sold Price of $385,000 gives buyers and sellers an idea of the current market value of homes in the area. This can help both parties make informed decisions when it comes to pricing and negotiations.
Overall, these metrics paint a picture of a dynamic real estate market with a healthy balance between supply and demand. Buyers may need to act quickly and be prepared to make competitive offers, while sellers can expect their homes to sell relatively quickly and close to the asking price. It’s important for both buyers and sellers to stay informed and work with a knowledgeable real estate professional to navigate these market conditions effectively.
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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