The real estate market is currently showing a healthy balance between supply and demand, with a months supply of inventory at 8.09. This means that it would take approximately 8.09 months to sell all the current inventory of homes on the market if no new listings were added.
The 12-month change in months of inventory is 0.72%, indicating a slight increase in inventory over the past year. This could be a result of more homes being listed for sale or a decrease in buyer demand.
Homes are spending a median of 45 days on the market before being sold, which is a relatively short amount of time compared to some markets. This suggests that properties are moving quickly, likely due to strong buyer interest.
The sold to list price percentage is at 0.96%, indicating that homes are selling for close to their asking price. This shows that sellers are pricing their homes accurately and buyers are willing to pay a premium for desirable properties.
The median sold price in this market is $3,825,000, indicating that it is a high-end market with luxury properties. This could be attracting affluent buyers looking for upscale homes.
Overall, these metrics paint a picture of a balanced and active real estate market with strong buyer interest and competitive pricing. Buyers and sellers alike should take note of these trends when navigating the current market 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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