The real estate market is currently showing a healthy balance between supply and demand, with a Months Supply of Inventory at 5.2. This means that at the current rate of sales, it would take 5.2 months to sell all the available homes on the market.
The 12-Month Change in Months of Inventory has increased by +68.28%, indicating a slight increase in the amount of available homes compared to the previous year. This could be due to a variety of factors, such as an increase in new listings or a decrease in buyer demand.
The Median Days Homes are On the Market is 57, which suggests that homes are selling relatively quickly in this market. This is good news for sellers who are looking to move their properties quickly.
The List to Sold Price Percentage is 100.2%, meaning that on average, homes are selling for slightly above their listing price. This indicates a strong seller’s market where buyers may need to be prepared to offer competitive bids to secure a property.
Lastly, the Median Sold Price is $470,000, showing a healthy and stable market with strong home values. This is good news for both buyers and sellers, as it indicates a stable and potentially profitable market for real estate transactions.
Overall, these metrics paint a picture of a balanced and active real estate market, with opportunities for both buyers and sellers to find success. Buyers may need to act quickly to secure a property, while sellers can expect strong demand and potentially higher sale prices.
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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