The real estate market is currently experiencing a high demand with a low supply of inventory, as indicated by the low Months Supply of Inventory at 2.15. This means that there are fewer homes available for sale compared to the number of buyers looking to purchase a property.
The 12-Month Change in Months of Inventory shows a significant decrease of -8.12%, indicating that the inventory levels have been declining over the past year. This trend suggests that the market is becoming even more competitive for buyers, as there are fewer options for them to choose from.
The Median Days Homes are On the Market is a mere 8 days, which is a clear indicator of the fast-paced nature of the current market. Homes are selling quickly, with buyers needing to act fast in order to secure a property.
Despite the high demand and low inventory levels, sellers are still able to command a strong list to sold price percentage of 97.9%. This means that most properties are selling close to their asking price, showing that sellers have the upper hand in negotiations.
The Median Sold Price of $1,571,500 reflects the overall value of homes in the market. With prices at this level, it is clear that the market is strong and properties are in high demand.
In conclusion, the current real estate market is characterized by low inventory levels, high demand, quick sales, and strong prices. Buyers should be prepared to act quickly and decisively, while sellers can expect to receive strong offers for their properties.
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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