The real estate market currently has a low supply of inventory, with only 2.9 months worth of homes available for sale. This indicates a seller’s market, where there are more buyers than there are homes for sale, leading to increased competition and potentially higher prices.
However, it is important to note that there has been a significant increase in the months of inventory compared to the previous year, with a 77.91% change. This could be an indication of a shifting market, where there may be more homes available for sale in the near future.
Homes are selling relatively quickly, with a median of 19 days on the market before being sold. This suggests that there is high demand for homes in the area, leading to a fast turnaround time for sellers.
The list to sold price percentage is 97.7%, indicating that homes are selling close to their asking price. This could be due to the competitive market conditions, where buyers are willing to pay close to the list price in order to secure a home.
The median sold price for homes in this market is $335,000, which is a key factor for both buyers and sellers to consider when entering the market. Buyers may need to be prepared to pay this amount or more for a home, while sellers may be able to command a higher price for their property.
Overall, the data suggests a dynamic real estate market with low inventory, high demand, and potential for price increases. Buyers and sellers should carefully consider these metrics when making decisions in this market.
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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