Hi Friends, the current real estate market is showing a strong correlation between several key metrics that are indicative of a healthy and active market.
First, the Months Supply of Inventory is at 3.1, indicating that there is a relatively low inventory of homes available for sale. This low supply is likely contributing to the median days homes are on the market, which is at a relatively low 39 days.
However, despite the low inventory, the 12-Month Change in Months of Inventory is at -9.09%, showing a decrease in the number of months it would take to sell all the current inventory. This decrease is likely driving the List to Sold Price Percentage, which is at a strong 95.9%. This percentage indicates that on average, homes are selling for almost 96% of their listing price.
Additionally, the Median Sold Price is at $307,000, which is a healthy and stable price point. This median price, combined with the high list to sold price percentage, suggests that sellers are able to achieve close to their asking price in the current market.
Overall, these metrics point to a competitive market with high demand and low inventory, resulting in homes selling quickly and for close to their listing price. Buyers may need to act fast in order to secure a home, while sellers can expect to receive strong offers for their properties.
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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