As a professional in the real estate industry, it is important to understand the correlation between key metrics to make informed decisions when buying or selling a property.
The Months Supply of Inventory is a critical indicator of the real estate market’s health. With a current value of 3.26, this metric suggests that there is a balanced market between supply and demand. However, the 12-Month Change in Months of Inventory increasing by +21.64% indicates a potential shift towards a more buyer-friendly market in the near future.
The Median Days Homes are On the Market at 35 days signifies a relatively quick turnover rate for properties in this market. This, combined with the List to Sold Price Percentage of 97.7%, suggests that homes are selling close to their asking prices in a timely manner.
Lastly, the Median Sold Price of $368,625 provides insight into the average price point for properties in this market. This metric, when considered alongside the other data points, can help buyers and sellers gauge the overall health and competitiveness of the market.
Overall, these metrics paint a picture of a stable real estate market with reasonable inventory levels, quick selling times, and strong pricing. Buyers and sellers 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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