As a potential buyer or seller in the current real estate market, it is important to understand the correlation between the various metrics that can impact your decision-making process.
First, let’s look at the Months Supply of Inventory, which currently stands at 3.29. This metric indicates the number of months it would take to sell all the current inventory on the market at the current pace of sales. A lower number suggests a seller’s market, while a higher number indicates a buyer’s market.
The 12-Month Change in Months of Inventory has increased by +34.84%, indicating a shift towards a more balanced market. This could mean more options for buyers and potentially less competition for sellers.
The Median Days Homes are On the Market is 33, which is relatively low and suggests that homes are selling quickly. This could be due to high demand and limited inventory.
The Sold to List Price Percentage is 98.1%, indicating that on average, homes are selling very close to their list price. This suggests that sellers are pricing their homes competitively and buyers are willing to pay close to asking price.
Finally, the Median Sold Price is $398,900, which gives an indication of the general price range of homes in the market. This can be useful for both buyers and sellers in determining their budget or pricing strategy.
Overall, these metrics paint a picture of a market that is in a state of flux, with a slight shift towards a more balanced market. Buyers may have more options to choose from, while sellers may need to be strategic in their pricing and marketing efforts. Keeping an eye on these metrics can help you make informed decisions in the real estate 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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