In analyzing the current real estate market, we can see that there is a moderate level of inventory available with a Months Supply of Inventory at 6.84. This indicates that it would take approximately 6.84 months to sell all the current homes on the market if no new listings were added.
The 12-Month Change in Months of Inventory has increased by 23.91%, showing a trend towards a slightly higher level of inventory compared to the previous year. This may suggest a shift towards a more balanced market, giving buyers more options to choose from.
Despite the increase in inventory, homes are still selling relatively quickly with a Median Days on Market of 90 days. This indicates that there is still demand in the market and buyers are actively searching for homes.
The Sold to List Price Percentage of 97.9% suggests that homes are selling close to their listing price, indicating that sellers are pricing their homes competitively and buyers are willing to pay close to the asking price.
The Median Sold Price of $512,500 reflects the current market value of homes in the area. This can be used as a benchmark for both buyers and sellers to understand the average price of homes in the market.
Overall, these metrics paint a picture of a healthy real estate market with a good balance between supply and demand. Buyers can expect a decent selection of homes to choose from, while sellers can feel confident in pricing their homes competitively.
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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