The real estate market is currently experiencing a relatively low inventory, with a months supply of inventory at 3.67. This means that at the current rate of sales, it would take approximately 3.67 months to sell all the homes on the market.
However, there has been a significant increase in inventory over the past year, with a 12-month change in months of inventory at +73.93%. This indicates that there are more homes available for sale compared to the previous year.
Despite the increase in inventory, homes are still selling relatively quickly, with a median of 34 days on the market. This suggests that there is strong demand for homes in the market.
Sellers are also seeing good returns on their properties, with a list to sold price percentage of 97.2%. This means that on average, homes are selling for 97.2% of their listing price.
The median sold price for homes in the market is $400,000, indicating a healthy market with properties selling at a good price point.
Overall, the real estate market is dynamic and offers opportunities for both buyers and sellers. Buyers may benefit from a higher inventory and quick sales, while sellers can take advantage of strong demand and good returns on 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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