The real estate market is currently experiencing a steady balance between supply and demand, as indicated by the Months Supply of Inventory at 4.25. This metric reflects the number of months it would take to sell all existing inventory at the current sales pace.
Over the past year, there has been a slight increase in inventory levels, with the 12-Month Change in Months of Inventory rising by 0.53%. This could be attributed to a combination of factors such as an uptick in new listings or a decrease in buyer demand.
Despite the increase in inventory, homes are still selling relatively quickly, with the Median Days Homes are On the Market at 25. This indicates a healthy level of buyer interest and competition in the market.
Sellers have also been able to secure favorable deals, with the Sold to List Price Percentage at 0.98%. This means that, on average, homes are selling for nearly full asking price.
The Median Sold Price of $399,000 reflects the current market value of homes in the area. This information can be useful for both buyers and sellers in determining fair pricing and negotiating strategies.
Overall, the real estate market is dynamic and responsive to changes in supply and demand. Buyers can expect a competitive market with limited inventory, while sellers can take advantage of favorable selling conditions. It is important for both parties to stay informed and adapt their strategies accordingly in order to achieve their real estate goals.
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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