As a real estate professional, it is important to understand the correlation between key metrics in the housing market to provide valuable insights to both buyers and sellers.
The Months Supply of Inventory is currently at 2.78, indicating a low supply of homes in the market. This low inventory level can lead to increased competition among buyers, potentially driving up prices.
The 12-Month Change in Months of Inventory is at +46.32%, showing a significant increase in housing supply compared to the previous year. This rise in inventory could potentially lead to a more balanced market, providing buyers with more options and potentially slowing down price growth.
The Median Days Homes are On the Market is 23, showing that homes are selling relatively quickly in this market. This could be attributed to the low inventory levels and high demand from buyers.
The List to Sold Price Percentage is at 97.9%, indicating that homes are typically selling very close to their listing price. This suggests a strong seller’s market where buyers may need to be prepared to make competitive offers to secure a property.
Finally, the Median Sold Price is $390,000, providing buyers and sellers with a benchmark for the average price of homes in the market. This information can be valuable for setting realistic expectations and making informed decisions.
In summary, the current market conditions suggest a competitive environment for buyers with low inventory levels and high selling prices. Sellers may benefit from the strong demand and quick selling times. Keeping an eye on these metrics can help both parties navigate the real estate market 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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