The real estate market is currently showing a tight inventory with a low Months Supply of Inventory at 1.69. This suggests that there are fewer homes available for sale relative to the current level of demand, which can lead to increased competition among buyers.
The 12-Month Change in Months of Inventory has increased by 30%, indicating a shift towards a more balanced market where supply is starting to catch up with demand. This could potentially lead to less aggressive bidding wars and more negotiating power for buyers.
Despite the low inventory levels, homes are selling relatively quickly with a Median Days on the Market of 21. This rapid turnover suggests that well-priced homes are in high demand and buyers should act swiftly when they find a property that meets their criteria.
The List to Sold Price Percentage of 97.6% indicates that sellers are typically receiving close to their asking price, showing that the market is still competitive and buyers may need to make strong offers to secure a property.
With a Median Sold Price of $449,000, buyers and sellers can use this information to gauge the current market value of homes in the area. Sellers may consider pricing their homes competitively to attract potential buyers, while buyers should be prepared to make strong offers in order to secure a property in this price range.
Overall, the data suggests a dynamic real estate market with low inventory levels, quick turnover, and competitive pricing. Buyers and sellers should stay informed and work with a knowledgeable real estate professional to navigate the current market conditions effectively.
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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