The real estate market is currently experiencing a healthy balance between supply and demand, with the Months Supply of Inventory standing at 3.79. This indicates that at the current rate of sales, it would take approximately 3.79 months to sell all the available inventory on the market.
It is worth noting that there has been a significant increase in the Months of Inventory over the past year, with a 12-Month Change of +52.21%. This could suggest a slight shift towards a more buyer-friendly market, as there is now more inventory available compared to the previous year.
Despite this increase in inventory, homes are still selling relatively quickly, with a Median Days on the Market of 33. This indicates that there is still strong demand for homes in the area.
Sellers can take advantage of the current market conditions, as the List to Sold Price Percentage is a high 97.6%. This means that, on average, sellers are receiving 97.6% of their asking price when their homes sell.
Buyers can expect to find homes at a Median Sold Price of $400,000. This provides a good indication of the overall pricing trends in the market and can help buyers make informed decisions when looking for a new home.
Overall, the real estate market is dynamic and evolving, with opportunities for both buyers and sellers to make successful transactions. Buyers can benefit from a good selection of inventory and competitive pricing, while sellers can take advantage of strong demand and favorable selling 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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