As real estate professionals, it is essential to understand the correlation between various metrics to provide valuable insights to both buyers and sellers. In this current market, the Months Supply of Inventory is 3.94, indicating a balanced market where supply and demand are relatively equal.
The 12-Month Change in Months of Inventory has increased by 48.12%, suggesting a slight increase in inventory compared to the previous year. This could potentially lead to more options for buyers but may also indicate a slowing market for sellers.
Median Days Homes are On the Market is 29, which is relatively low and indicates that properties are selling quickly in this market. This could be due to high demand and limited inventory.
The List to Sold Price Percentage is 97.6%, showing that homes are typically selling very close to their list price. This can be beneficial for sellers as it indicates a strong market and competitive pricing.
The Median Sold Price is $377,500, providing a benchmark for both buyers and sellers to understand the current market value of homes in the area.
Overall, these metrics paint a picture of a market that is balanced with relatively low inventory, high demand, quick sales, and competitive pricing. Buyers may need to act quickly when they find a property they like, while sellers can expect to receive offers close to their asking price. It is important for both parties to stay informed and work with a knowledgeable real estate professional to navigate this dynamic market 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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