In the current real estate market, the Months Supply of Inventory is at a low 2.62, indicating a seller’s market where demand exceeds supply. This is further supported by the 12-Month Change in Months of Inventory, which has increased by 37.17%, showing a trend towards a more balanced market in the near future.
The Median Days Homes are On the Market is a mere 20 days, reflecting the high demand for properties and the quick turnover in the market. This means that homes are selling quickly once they are listed, which is advantageous for sellers looking to make a timely sale.
The List to Sold Price Percentage is at 98.4%, indicating that most properties are selling close to their asking price. This is good news for sellers as it shows that buyers are willing to pay close to the listed price for properties in this market.
Lastly, the Median Sold Price is $367,000, showing a strong average price point for properties in the area. This can be beneficial for both buyers and sellers, as buyers can expect to find quality homes at this price point, while sellers can potentially earn a good return on their investment.
Overall, these real estate metrics paint a picture of a competitive market with high demand and quick turnover. Buyers and sellers alike can use this information to make informed decisions and navigate the market effectively.
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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