In the current real estate market, we are seeing a low Months Supply of Inventory at 1.5, indicating a high demand for homes relative to the available supply. This is further supported by the 12-Month Change in Months of Inventory increasing by +1.35%, showing an upward trend in competition among buyers.
Despite the competitive market conditions, homes are still selling relatively quickly with a median of 26 days on the market. This suggests that sellers are able to capitalize on the strong demand and secure buyers in a timely manner.
Furthermore, the List to Sold Price Percentage is at a high 97.8%, indicating that homes are generally selling close to their asking price. This is good news for sellers as it shows that they are able to achieve their desired price in the current market.
Lastly, the Median Sold Price of $357,450 reflects the overall value of homes in the area. This price point, combined with the other metrics, paints a picture of a market where sellers are able to command strong prices and buyers are willing to pay a premium for desirable properties.
Overall, these metrics suggest a competitive market with high demand, quick sales, and strong prices. Both buyers and sellers should be prepared to act quickly and strategically in order to achieve their real estate goals in this dynamic 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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