The real estate market is currently experiencing a moderate level of inventory with a Months Supply of Inventory of 5.68. This indicates that it would take approximately 5.68 months to sell all existing homes on the market at the current pace of sales.
Over the past 12 months, there has been a significant increase in the Months of Inventory by 27.35%. This may suggest a slight slowdown in the market, as inventory levels have risen compared to the previous year.
Despite the increase in inventory, homes are still selling relatively quickly, with a median of 39 days on the market. This indicates that there is still demand for homes in this market, and sellers are able to sell their homes in a reasonable amount of time.
Buyers can expect to see homes selling for approximately 95.6% of the listing price, indicating that there may be some room for negotiation in the current market.
The median sold price for homes in this market is $2,400,000, suggesting that this is a high-end market with luxury properties commanding a premium price.
Overall, the market is showing signs of stability with a balanced level of inventory, reasonable selling times, and strong prices. Both buyers and sellers can find opportunities in this market, but should be prepared to act quickly and negotiate 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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