The real estate market is currently showing a balanced supply and demand with a Months Supply of Inventory at 6.91, indicating that it would take approximately 6.91 months to sell all the current homes on the market if no new listings were added.
The 12-Month Change in Months of Inventory has increased by 0.77%, suggesting a slight trend towards more inventory becoming available in the market over the past year. This could potentially give buyers more options to choose from.
Homes are selling relatively quickly with a Median Days on the Market of 28, indicating that properties are in high demand and are moving swiftly. This may be due to the competitive nature of the market or the attractiveness of the area.
Sellers are seeing strong returns on their properties with a Sold to List Price Percentage of 0.97%, meaning that homes are typically selling for 97% of their listing price. This indicates that sellers are pricing their homes effectively and buyers may need to be prepared to offer close to asking price.
The Median Sold Price of $432,500 shows that the market is at a healthy price point, attracting both buyers and sellers. This price point may be appealing for those looking to invest in real estate or for homeowners looking to sell at a competitive price.
Overall, these metrics paint a picture of a stable and active real estate market, with opportunities for both buyers and sellers to capitalize on current market conditions.
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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