The real estate market is currently experiencing a low inventory level with the Months Supply of Inventory sitting at 3.54. This means that there are fewer homes available for buyers to choose from, leading to a more competitive market.
However, there has been a significant decrease in the Months of Inventory over the past year, with a change of -18.43%. This indicates that the market is becoming more balanced as demand increases and inventory levels decrease.
Homes are selling quickly, with a median of 21 days on the market. This quick turnover time suggests that buyers need to act fast in order to secure a property in this competitive market.
Sellers are also seeing strong returns on their properties, with a List to Sold Price Percentage of 90.7%. This means that homes are typically selling close to their asking price, indicating a strong seller’s market.
The median sold price in this market is $3,586,000, showing that there is a demand for higher-priced properties in this area.
Overall, these metrics suggest that the real estate market is active and competitive, with low inventory levels, quick sales, and strong returns for sellers. Buyers should be prepared to act quickly and possibly pay close to asking price, while sellers may find now to be a favorable time to list their properties.
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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