The real estate market is currently showing strong indicators for both buyers and sellers. The Months Supply of Inventory is at a healthy level of 2.77, indicating a balanced market where there is a decent amount of inventory available for buyers to choose from.
The 12-Month Change in Months of Inventory has decreased significantly by -27.68%, showing that the market has become more competitive and properties are selling at a faster pace compared to a year ago. This could be attributed to a high demand for housing in the area.
The Median Days Homes are On the Market is at 143 days, which is a bit on the higher end but still within a reasonable timeframe for sellers. This metric suggests that properties are taking a bit longer to sell, possibly due to specific market conditions or seasonal factors.
The Sold to List Price Percentage is at a strong 93.9%, indicating that homes are generally selling close to their listing price. This suggests that sellers are pricing their properties competitively and buyers are willing to pay close to the asking price.
Lastly, the Median Sold Price in the area is $725,000, which is a healthy and attractive price point for both buyers and sellers. This could indicate that the market is stable and properties are holding their value well.
Overall, these metrics suggest a dynamic and competitive real estate market that offers opportunities for both buyers and sellers. Buyers can find a good selection of inventory at reasonable prices, while sellers have the potential to sell their properties at a strong price point. It is important for both buyers and sellers to 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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