The real estate market is currently showing a healthy balance between supply and demand with a Months Supply of Inventory at 7.92. This indicates that it would take approximately 7.92 months to sell all the current inventory on the market if no new listings were added.
The 12-Month Change in Months of Inventory has increased by +58.4%, suggesting a slight increase in inventory levels over the past year. This could indicate a potential shift towards a more buyer-friendly market, providing more options for buyers to choose from.
Despite the increase in inventory, the Median Days Homes are On the Market is relatively low at 62 days. This indicates that properties are still selling quickly, likely due to high demand and competitive pricing.
The List to Sold Price Percentage is strong at 97.8%, showing that sellers are receiving close to their asking price. This can be attributed to the continued demand for homes in the market.
The Median Sold Price of $630,000 is reflective of the current market conditions and is a positive sign for sellers looking to maximize their returns.
Overall, these metrics suggest a balanced and active real estate market, with opportunities for both buyers and sellers. Buyers may benefit from increased inventory levels 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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