The real estate market is currently experiencing a low inventory situation, with only 2.41 months of supply available. This indicates a high demand for homes in the area, as inventory levels are lower than the typical 6-month supply considered to be a balanced market.
The 12-month change in months of inventory has increased by 27.51%, suggesting that inventory levels have been steadily rising over the past year. This could indicate a shift towards a more balanced market or potentially a slight oversupply of homes in the area.
Despite the low inventory levels, homes are selling quickly, with a median of only 11 days on the market. This rapid turnover could be attributed to the high demand for homes in the area and the competitive nature of the market.
Sellers are also seeing strong returns on their investments, with homes selling for an average of 98.5% of the listing price. This indicates that sellers are able to command close to asking price for their properties, further highlighting the competitive nature of the market.
The median sold price for homes in the area is $362,000, reflecting the strong demand and competitive pricing in the market. Buyers should be prepared to act quickly and potentially offer close to asking price in order to secure a property in this market.
Overall, the data suggests that the real estate market in this area is highly competitive, with low inventory levels, quick turnover, and strong sale prices. Buyers and sellers should be prepared to act quickly and strategically in order to navigate this fast-paced market.
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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