The real estate market is currently experiencing a low inventory with only 2.79 months of supply available. This means that there are fewer homes on the market compared to the demand from buyers, which can lead to increased competition among buyers and potentially higher prices for sellers.
The 12-month change in months of inventory has seen a significant increase of +53.3%, indicating that the supply of homes has been increasing over the past year. This could be due to more sellers putting their homes on the market or a decrease in buyer demand.
Despite the increase in inventory, homes are still selling quickly with a median of only 7 days on the market. This quick turnaround time suggests that there is still strong demand for homes in the market, leading to a competitive environment for buyers.
Sellers are also benefiting from the current market conditions, with homes selling for an average of 101.8% of the list price. This shows that buyers are willing to pay above asking price to secure a home in a competitive market.
The median sold price for homes in this market is $2,137,008, indicating that the market is primarily catering to higher-end buyers and sellers. Overall, the current real estate metrics suggest a competitive market with low inventory, quick sales, and strong demand from buyers, making it an opportune time for sellers looking to maximize their returns. Buyers should be prepared to act quickly and potentially pay above asking price to secure a home in this 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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