The real estate market is currently showing a moderate level of inventory, with a Months Supply of Inventory standing at 6.62. This means that it would take approximately 6.62 months to sell all the available homes on the market if no new listings were added.
The 12-Month Change in Months of Inventory has seen a significant increase of +87.54%, indicating a shift towards a more buyer-friendly market. This increase suggests that there are more homes available for sale compared to the previous year.
Homes are spending an average of 44 days on the market before being sold, which is relatively quick and indicates a healthy level of demand in the market. This is further supported by the Sold to List Price Percentage of 97.1%, showing that homes are generally selling close to their listing price.
The Median Sold Price in this market is $392,700, reflecting the average price at which homes are being sold. This metric provides insight into the overall affordability of homes in the area.
Overall, these metrics suggest a balanced real estate market with a good level of inventory, reasonable pricing, and strong demand. Buyers and sellers alike can use this information to make informed decisions in the 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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