As a potential buyer or seller in the current real estate market, it is essential to understand the correlation between key metrics to make informed decisions.
First, let’s look at the Months Supply of Inventory, which is currently at 3.59 months. This indicates the number of months it would take to sell all the homes on the market at the current pace of sales. A lower number suggests a seller’s market, where demand exceeds supply, leading to potential bidding wars and higher prices.
The 12-Month Change in Months of Inventory is +33.46%, showing a significant increase in inventory compared to the previous year. This could indicate a shift towards a more balanced market, giving buyers more options and potentially less competition.
The Median Days Homes are On the Market is 26 days, which is relatively low and suggests that homes are selling quickly. This could be due to high demand, competitive pricing, and attractive features in the homes.
The List to Sold Price Percentage is 97.8%, indicating that homes are selling close to their listing price. This suggests that sellers are pricing their homes effectively and buyers are willing to pay close to the asking price.
Finally, the Median Sold Price is $355,000, giving buyers and sellers an idea of the average price of homes in the market. This figure, combined with the other metrics, can help both buyers and sellers understand the current market conditions and make informed decisions.
Overall, these metrics show a real estate market that is active, with homes selling quickly and close to their listing prices. Buyers may face some competition due to low inventory levels, while sellers may benefit from strong demand and competitive pricing. It is crucial for both buyers and sellers to stay informed and work with a professional real estate agent to navigate these market conditions effectively.
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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