The real estate market is currently experiencing a low supply of inventory, with only 1.6 months worth of homes available for sale. This indicates a high demand for housing in the market.
Over the past 12 months, there has been a 2.56% increase in the months of inventory available. This could be a sign of a slight cooling in the market, but overall the market remains strong with the low supply of inventory.
Homes are selling quickly, with a median of only 20 days on the market. This shows that buyers are eager to purchase homes in this market and are moving quickly to secure a property.
Sellers are also seeing strong returns on their investments, with homes selling at 99.3% of their listing price on average. This demonstrates that buyers are willing to pay close to asking price for homes in this market.
The median sold price for homes in this market is $497,500. This indicates that the market is in a healthy range, with homes selling at a reasonable price point for both buyers and sellers.
Overall, this data suggests that the real estate market is competitive, with high demand and quick turnover of homes. Sellers can expect to see strong returns on their investments, while buyers should be prepared to act fast 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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