The real estate market is currently experiencing a low inventory situation, as indicated by the Months Supply of Inventory at 2.53. This means that there are fewer homes available for sale compared to the number of buyers in the market.
The 12-Month Change in Months of Inventory has seen a significant increase of +66.45%, indicating a trend towards more homes being listed for sale. This could potentially lead to a more balanced market in the near future, offering buyers more options to choose from.
Homes are selling relatively quickly, with a median of 17 days on the market. This suggests that there is strong demand for homes in this market, and sellers may have an advantage in negotiating offers.
The List to Sold Price Percentage of 98.6% indicates that homes are typically selling very close to their list price. This could be a reflection of the competitiveness of the market, with buyers willing to pay close to asking price to secure a property.
The Median Sold Price of $312,495 shows that the average price of homes being sold in this market is relatively affordable, making it an attractive option for both buyers and sellers.
Overall, the data suggests that the real estate market is active and competitive, with opportunities for both buyers and sellers to make successful transactions. Buyers may need to act quickly to secure a property, while sellers may benefit from pricing their homes competitively to attract offers.
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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