The real estate market is currently experiencing a moderate level of inventory, with the Months Supply of Inventory sitting at 5.43. This indicates that there is a balanced market between buyers and sellers, providing a good range of options for both parties.
However, 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 +38.52%. This suggests that there may be a trend towards a higher level of inventory in the future, which could potentially lead to more options for buyers and increased competition for sellers.
Despite this increase in inventory, homes are still selling relatively quickly, with a median of 31 days on the market. This indicates that there is still strong demand for properties in the market, likely driven by factors such as low interest rates and a strong economy.
In terms of pricing, sellers are able to achieve a high List to Sold Price Percentage of 94.6%, indicating that properties are generally selling close to their asking price. Additionally, the median sold price in the market is $2,574,025, reflecting a healthy level of appreciation in property values.
Overall, the current real estate market presents a balanced opportunity for both buyers and sellers, with a good level of inventory, strong demand, and favorable pricing dynamics. Buyers can expect a variety of options to choose from, while sellers can take advantage of the strong demand and favorable pricing environment to achieve a successful sale.
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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