As a prospective buyer or seller in today’s real estate market, it is important to understand the correlation between various key metrics that can impact your decision-making process.
First, let’s take a look at the Months Supply of Inventory, which currently stands at 3.8. This metric indicates the number of months it would take to sell all the homes on the market based on the current pace of sales. A lower number suggests a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory is showing a significant increase of +12.43%. This indicates that the market may be shifting towards a more balanced or even buyer-friendly environment, as inventory levels are rising compared to the previous year.
The Median Days Homes are On the Market is 40, which suggests that homes are selling relatively quickly in this market. This could be attributed to a combination of factors such as high demand, low inventory, and competitive pricing.
The List to Sold Price Percentage is at 97.1%, indicating that sellers are typically receiving close to their asking price. This is a positive sign for sellers as it shows that homes are selling at a high percentage of their listed price.
Lastly, the Median Sold Price is $500,000, which gives you an idea of the average price at which homes are selling in this market. This can be helpful for both buyers and sellers in determining their pricing strategy.
Overall, these metrics paint a picture of a dynamic real estate market with a balanced supply and demand, quick sales, and strong pricing. Buyers may find opportunities in this market with the increasing inventory levels, while sellers can benefit from the high list to sold price percentage and quick sales. It is important 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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