The real estate market is currently experiencing a low inventory situation, with only 2.47 months supply of homes available for sale. This means that there is high demand for properties and limited options for buyers to choose from.
Over the past year, there has been a significant increase of 27.32% in the number of months of inventory available, indicating a shift towards a more balanced market. This could be a signal for buyers that there may be more options available in the near future.
Homes are selling relatively quickly, with a median of 26 days on the market before being sold. This suggests that properties are in high demand and buyers need to act fast to secure a home.
Sellers are seeing strong returns on their investments, with homes selling for an average of 97.8% of their list price. This indicates that sellers are pricing their properties competitively and buyers are willing to pay close to asking price.
The median sold price for homes in this market is $367,910, showing a stable and healthy market with steady price growth. Buyers and sellers can expect a fair and reasonable market value for properties in this area.
Overall, the real estate market is dynamic and changing, with opportunities for both buyers and sellers to make informed decisions based on current market conditions. It is important to stay informed and work with a professional real estate agent to navigate the complexities of the 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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