The real estate market is currently experiencing a low inventory situation, with only 2.04 months supply of homes available for sale. This indicates a high demand for housing in the area, as buyers are competing for a limited number of properties.
The 12-month change in months of inventory has increased by 29.94%, showing a trend towards a more balanced market. This could mean that more homes are being listed for sale, helping to alleviate some of the pressure on buyers.
Despite the low inventory levels, homes are selling quickly, with a median of only 9 days on the market. This rapid turnover indicates a strong market where buyers must act quickly to secure a property.
Additionally, sellers are seeing a high list to sold price percentage of 99%, meaning that homes are typically selling for very close to their asking price. This is a positive sign for sellers, indicating that they are able to command strong offers in the current market.
The median sold price in this area is $361,245, reflecting the overall strength of the market and the value of properties in the area. Buyers can expect to pay a competitive price for homes in this market, while sellers can expect to receive strong offers for their properties.
Overall, the correlation between these metrics suggests a competitive real estate market with high demand and limited inventory. Buyers and sellers should be prepared to act quickly and make strong offers in order to succeed in this 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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