Hi Friends, the real estate market is currently experiencing a low supply of inventory, with only 2.41 months worth of homes available for sale. This means that there is high demand for properties, leading to a competitive market for both buyers and sellers.
The 12-month change in months of inventory has decreased by 10.41%, indicating a trend towards even tighter inventory levels. This suggests that the market is becoming increasingly competitive, with homes selling more quickly and potentially at higher prices.
The median days homes are on the market is 33, which is relatively low compared to historical averages. This indicates that properties are selling quickly, likely due to the high demand and limited supply in the market.
The list to sold price percentage is 93.9%, showing that homes are typically selling close to their listing price. This suggests that sellers are pricing their properties effectively and that buyers are willing to pay close to asking price in order to secure a home in the competitive market.
With a median sold price of $250,000, buyers and sellers can expect to see properties selling at a relatively high price point. This is reflective of the high demand for homes in the current market, as buyers are willing to pay a premium for properties in desirable locations.
Overall, these metrics paint a picture of a competitive real estate market with low inventory levels, quick sales, and high prices. Buyers and sellers should be prepared for a fast-paced market with potential bidding wars and competitive offers in order to successfully navigate the current real estate landscape.
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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