As we analyze the current real estate market metrics, we can see a correlation between these key indicators that provide valuable insights for both buyers and sellers.
The Months Supply of Inventory stands at 3.57, indicating a relatively low supply of homes on the market. This scarcity of inventory can create competition among buyers and potentially drive prices higher.
The 12-Month Change in Months of Inventory has increased by +63.01%, which suggests a trend towards more inventory becoming available. This could potentially give buyers more options to choose from and alleviate some of the competitiveness in the market.
The Median Days Homes are On the Market is 28, indicating that homes are selling relatively quickly. This could be a result of the low inventory levels and high demand from buyers.
The List to Sold Price Percentage is 97.7%, showing that homes are typically selling very close to their listing price. This can be a positive sign for sellers, as it indicates strong demand and potentially multiple offers on properties.
Lastly, the Median Sold Price is $2,247,000, giving an indication of the overall price range in the market. This high median price suggests a luxury market or a desirable location with high property values.
Overall, these metrics paint a picture of a real estate market with low inventory, high demand, quick sales, and strong selling prices. Buyers may need to act quickly and be prepared for potential competition, while sellers may find themselves in a favorable position with the potential for a quick sale at a good price.
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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