As a potential buyer or seller in the current real estate market, it is important to understand the correlation between key metrics to make informed decisions.
The Months Supply of Inventory, which currently stands at 3.47 months, indicates the number of months it would take to sell all existing homes on the market if no new listings were added. A lower number typically signifies a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory has increased by +41.63%, suggesting a shift towards a more balanced or even buyer-friendly market. This change could potentially lead to more negotiating power for buyers and potentially lower prices.
The Median Days Homes are On the Market at 44 days reflects the average amount of time it takes for a home to sell. A lower number suggests a faster-moving market, while a higher number may indicate a slower market.
The List to Sold Price Percentage of 97.1% shows that homes are generally selling close to their list price, indicating a competitive market where sellers are able to secure offers close to their asking price.
Finally, the Median Sold Price of $367,450 provides insight into the average price at which homes are selling. This figure can be used by both buyers and sellers to gauge market trends and make informed decisions about pricing and negotiations.
Overall, these metrics suggest a real estate market that is experiencing some shifts towards a more balanced dynamic, with opportunities for both buyers and sellers to benefit. It is important for individuals in the market to pay attention to these metrics and work with a knowledgeable real estate professional to navigate the current landscape 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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