The real estate market is currently experiencing a moderate level of inventory with a Months Supply of Inventory at 3.26. This indicates that at the current rate of sales, it would take approximately 3.26 months to sell all available homes on the market.
The 12-Month Change in Months of Inventory has increased by +32.52%, suggesting a slight uptick in inventory levels compared to the previous year. This may provide more options for buyers and potentially lead to a more balanced market.
Homes are selling relatively quickly, with a Median Days on the Market of 25. This indicates a strong demand for properties in this market, which could be attributed to factors such as location, pricing, and overall market conditions.
Sellers are seeing good returns on their properties, with a List to Sold Price Percentage of 97.5%. This means that on average, homes are selling for 97.5% of their list price. This could indicate a competitive market where sellers are able to negotiate strong offers.
The Median Sold Price in this market is $329,490, which gives buyers and sellers a benchmark for pricing and evaluating properties. This can help both parties make informed decisions and understand the value of homes in this market.
Overall, the data suggests that this real estate market is active, with a good balance between supply and demand. Buyers may have a decent selection of homes to choose from, while sellers are seeing strong returns on their properties. It’s important for both buyers and sellers to stay informed on market trends and work with a knowledgeable real estate professional to navigate the current 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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