The real estate market is currently experiencing a high demand with a low supply of inventory, as indicated by the low Months Supply of Inventory at 1.55. This means that there are fewer homes available for sale compared to the number of buyers in the market.
The 12-Month Change in Months of Inventory shows a significant decrease of -50.64%, indicating a trend towards even lower inventory levels. This could lead to increased competition among buyers and potentially drive up prices in the future.
The Median Days Homes are On the Market is a mere 14 days, showing that homes are selling quickly in this market. This is likely due to the high demand and low inventory, leading to a competitive market where homes are being snapped up quickly.
The Sold to List Price Percentage of 98.9% indicates that homes are selling close to their asking price, demonstrating a strong seller’s market. Buyers may need to be prepared to offer close to or at asking price in order to secure a property in this competitive market.
The Median Sold Price of $6,595,000 reflects the high-end nature of the market, with luxury properties commanding top dollar. Sellers in this market may be able to fetch a premium price for their homes due to the high demand and low inventory levels.
Overall, the current real estate market is characterized by low inventory, high demand, quick sales, and strong prices. Buyers should be prepared to act fast and make competitive offers, while sellers may find themselves in a favorable position to capitalize on the current market conditions.
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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