As a real estate professional, it is important to understand the correlation between key metrics in the housing market in order to provide valuable insights to both buyers and sellers.
The Months Supply of Inventory is a key indicator of the balance between supply and demand in the market. With a current value of 4.11, this suggests that there is a healthy level of inventory available for buyers to choose from. However, the 12-Month Change in Months of Inventory has increased by +30.48%, indicating a potential increase in supply relative to demand over the past year.
The Median Days Homes are On the Market is 30, which indicates that homes are selling relatively quickly in this market. This is further supported by the List to Sold Price Percentage of 98.3%, showing that homes are typically selling very close to their list price.
Lastly, the Median Sold Price of $321,405 provides insight into the overall pricing trends in the market. This figure can be used by both buyers and sellers to gauge the current value of homes in the area.
In summary, the data suggests that there is a healthy level of inventory available for buyers with homes selling relatively quickly and close to their list price. However, the increase in Months of Inventory over the past year may indicate a shifting market, which is important for both buyers and sellers to consider when making real estate decisions.
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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