The current real estate market is showing a low Months Supply of Inventory at 1.81, indicating a seller's market with limited availability of homes for sale. However, there has been a significant increase of 98.9% in the 12-Month Change in Months of Inventory, suggesting a potential shift towards a more balanced market in the near future.
Despite the low inventory, homes are selling quickly with a Median Days on the Market of just 16 days. This is likely due to the high List to Sold Price Percentage of 99.1%, indicating that sellers are receiving close to their asking price.
The Median Sold Price in this market is $310,000, reflecting a healthy appreciation in home values. Buyers may need to act quickly and be prepared to offer competitive prices in order to secure a home in this market.
Overall, this data suggests that the real estate market is currently favoring sellers, but with the increase in inventory, buyers may have more options in the coming months. It is important for both buyers and sellers to stay informed and work with a knowledgeable real estate professional to navigate the current market conditions effectively.
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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