As we analyze the current real estate market data, we see a correlation between several key metrics that can provide valuable insights for both buyers and sellers.
First, let’s look at the Months Supply of Inventory, which currently stands at 3.12. This metric indicates the number of months it would take to sell all existing inventory at the current sales pace. A lower number typically signifies a seller’s market, where there is high demand for homes.
However, the 12-Month Change in Months of Inventory has increased significantly by +81.4%. This suggests that the market may be shifting towards a more balanced or even buyer’s market, as inventory is growing at a faster rate than sales.
Despite this increase in inventory, homes are still selling relatively quickly, with a Median Days on Market of 38. This indicates that there is still strong demand for homes in the market.
Furthermore, the Sold to List Price Percentage is at a healthy 98.1%, showing that homes are selling close to their asking price. This can be reassuring for sellers, as it indicates strong buyer interest and competition.
Lastly, the Median Sold Price of $315,000 provides a benchmark for both buyers and sellers to understand the current market value of homes in the area.
Overall, these metrics paint a picture of a dynamic real estate market with shifting supply and demand dynamics. Buyers may find more options available, while sellers can still expect a competitive market with homes selling quickly and at a high percentage of their list price. It’s important for both buyers and sellers to stay informed on these metrics to make well-informed decisions in the real estate market.
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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