The real estate market is currently experiencing a low inventory with only 2.93 months supply available. This indicates a high demand for homes in the area.
The 12-month change in months of inventory has increased by 42.23%, which suggests that the market may be shifting towards a more balanced state as more homes are becoming available for buyers.
Homes are selling quickly with a median of only 5 days on the market. This rapid turnover indicates a strong seller’s market where buyers need to act fast to secure a property.
The list to sold price percentage is 101.6%, meaning that on average, homes are selling for slightly above their listing price. This may be due to the high demand and low inventory in the market.
The median sold price in the area is $1,650,000, which is a significant figure that reflects the desirability and value of properties in the area.
Overall, these metrics paint a picture of a competitive real estate market with high demand and low inventory. Sellers can expect to receive offers quickly and potentially above asking price, while buyers may need to act fast and be prepared to make strong offers in order to secure a property 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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