Hi Friends, the real estate market is currently showing strong signs of a seller’s market, with a low Months Supply of Inventory at 2.13. This indicates that there are fewer homes available for sale compared to the demand from buyers. The 12-Month Change in Months of Inventory at -68.72% further supports this trend, showing a significant decrease in available homes over the past year.
The Median Days Homes are On the Market at 17 also reflects the high demand in the market, with homes selling quickly after being listed. This can be attributed to the List to Sold Price Percentage of 97.8%, indicating that homes are typically selling close to their asking price.
The Median Sold Price of $398,290 suggests that prices are relatively high in the current market conditions. Sellers are able to command higher prices due to the limited inventory and strong demand from buyers.
Overall, these metrics paint a picture of a competitive real estate market with low inventory, quick sales, and high prices. Buyers may face challenges in finding a home due to the limited supply, while sellers have the advantage of selling quickly and potentially at a premium price. It is important for both buyers and sellers to be prepared and work with a knowledgeable real estate agent to navigate the current market conditions 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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