As a professional in the real estate industry, it is important to understand the correlation between key metrics to make informed decisions when buying or selling a home.
The Months Supply of Inventory is currently at 3.47, indicating a balanced market where neither buyers nor sellers have a significant advantage. However, the 12-Month Change in Months of Inventory has seen a substantial increase of +122.44%, suggesting a shift towards a more buyer-friendly market with an increase in available inventory.
The Median Days Homes are On the Market is 48, showing that homes are selling relatively quickly in this market. This, combined with the Sold to List Price Percentage of 98.5%, indicates that sellers are receiving close to their asking price and buyers are willing to pay close to the listed price.
The Median Sold Price of $380,000 gives buyers and sellers an idea of the current market value of homes in this area. This price point, combined with the other metrics, paints a picture of a market that is favorable for both buyers and sellers, with homes selling quickly and at a price close to the list price.
Overall, these metrics show a market that is in a state of equilibrium, with opportunities for both buyers and sellers to make informed decisions and achieve their real estate goals. Buyers can expect to find a variety of options on the market, while sellers can list their homes with confidence that they will receive a fair price.
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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