As a professional in the real estate market, it is important to understand the correlation between key metrics to make informed decisions when buying or selling a property.
The Months Supply of Inventory is currently at 4.29, indicating a balanced market where supply and demand are relatively equal. However, the 12-Month Change in Months of Inventory has increased by +42.52%, suggesting a shift towards a more buyer-friendly market with more inventory available.
The Median Days Homes are On the Market is 53, which is a relatively short amount of time compared to other markets. This indicates that properties are selling quickly, possibly due to high demand or competitive pricing.
Furthermore, the Sold to List Price Percentage is at 97.5%, showing that properties are typically selling very close to their listing price. This could indicate a strong seller’s market where buyers are willing to pay close to asking price.
Lastly, the Median Sold Price is $320,775, providing insight into the average price of homes being sold in the market. This information can be useful for both buyers and sellers in determining fair market value and setting realistic expectations.
Overall, these metrics paint a picture of a dynamic real estate market with balanced supply and demand, properties selling quickly at close to asking price, and a median sold price that is reflective of current market conditions. Buyers and sellers should take these factors into consideration when making their 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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