The real estate market is currently in a state of high demand and low inventory, as indicated by a Months Supply of Inventory of 3. This means that at the current pace of sales, it would take approximately 3 months to sell all of the available homes on the market.
The 12-Month Change in Months of Inventory is -28.06%, showing a significant decrease in the amount of time it would take to sell all available homes compared to the previous year. This suggests that the market is becoming even more competitive for buyers, with homes selling at a faster rate than before.
The Median Days Homes are On the Market is 11, indicating that homes are selling very quickly once they are listed. This is likely due to the high demand and low inventory in the market, leading to homes being snapped up by eager buyers shortly after they are listed.
The Sold to List Price Percentage of 99.4% shows that homes are selling very close to their list price, with sellers receiving almost the full asking price for their properties. This is another indicator of the strong demand in the market and the competitive nature of home sales.
Finally, the Median Sold Price of $985,000 highlights the high value of homes in the market. This is likely a reflection of the high demand and low inventory, which can drive up prices as buyers compete for limited available properties.
Overall, these metrics paint a picture of a real estate market that is highly competitive for buyers, with homes selling quickly and at close to their list price. Sellers can expect to receive strong offers for their properties, while buyers may need to act fast and be prepared to pay top dollar for their desired home.
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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