The real estate market is currently showing a healthy balance between supply and demand, with a Months Supply of Inventory at 4.7. This indicates that it would take approximately 4.7 months to sell all the current inventory on the market if no new listings were added.
The 12-Month Change in Months of Inventory has increased by +36.23%, showing a slight uptick in inventory levels compared to the previous year. This could be an indication of a slight cooling off in the market, giving buyers more options to choose from.
Homes are spending a median of 42 days on the market before being sold, indicating a relatively quick turnover time. This could be attributed to the high List to Sold Price Percentage of 97.2%, showing that sellers are receiving offers close to their asking price.
With a Median Sold Price of $404,457, buyers can expect to find a mix of affordable and mid-range properties in the market. This median price point reflects the overall balance between supply and demand, making it an attractive market for both buyers and sellers.
Overall, these metrics paint a picture of a stable real estate market with a good balance between supply and demand, quick turnover times, and competitive pricing. Buyers and sellers can expect a fair and balanced market that offers opportunities for both parties.
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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