The real estate market is currently experiencing a low inventory situation with only 2.59 months of supply available. This means that there are fewer homes on the market compared to the demand from buyers. The 12-month change in months of inventory has increased by 32.14%, indicating a trend towards more inventory becoming available.
Despite the limited inventory, homes are selling quickly with a median of only 7 days on the market. This rapid pace can be attributed to the high list to sold price percentage of 99%, showing that sellers are able to secure close to their asking price in a short amount of time.
Additionally, the median sold price for homes in this market is $440,000, reflecting a strong demand and competitive pricing environment. Buyers can expect to pay close to the listed price for properties in this market.
Overall, the correlation between these metrics suggests a competitive real estate market with limited inventory, quick sales, and strong pricing. Buyers and sellers should act swiftly and strategically in order to navigate this dynamic market successfully.
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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