As a real estate professional, it’s important to understand the correlation between key metrics in the market to help buyers and sellers make informed decisions.
The Months Supply of Inventory is a critical indicator of market conditions, currently standing at 3.3 months. This means that at the current rate of sales, it would take 3.3 months to sell all the available inventory.
The 12-Month Change in Months of Inventory has increased by 25%, indicating a slight shift towards a more balanced market. This could potentially lead to a slightly longer time on the market for sellers.
Speaking of time on the market, the Median Days Homes are On the Market is 31 days. This is a relatively quick turnaround time, suggesting that the market is still favorable for sellers.
The List to Sold Price Percentage of 97.2% shows that homes are typically selling very close to their listing price. This is good news for sellers, as it indicates strong buyer demand.
Lastly, the Median Sold Price of $377,500 provides insight into the current pricing trends in the market. This is a healthy median price point, indicating stability and potential for growth.
Overall, these metrics paint a picture of a vibrant real estate market with strong buyer demand and competitive pricing. Buyers can expect to find a good selection of inventory, while sellers can take advantage of favorable selling conditions. It’s important for both parties to stay informed and work with a knowledgeable real estate agent to navigate the market successfully.
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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