As a real estate professional, it is important to understand the correlation between key metrics in the housing market to provide valuable insights to both buyers and sellers.
First, let's look at the Months Supply of Inventory, which currently stands at 2.96. This metric represents how long it would take for all the current homes on the market to sell at the current pace of sales. A lower number indicates a seller's market, while a higher number indicates a buyer's market.
The 12-Month Change in Months of Inventory has increased by +27.04%. This suggests that the market is becoming more favorable for buyers, as there are more homes available for sale compared to the previous year.
The Median Days Homes are On the Market is 22, indicating that homes are selling relatively quickly in this market. This can be attributed to high demand and low inventory levels.
The List to Sold Price Percentage is 97.5%, showing that sellers are typically receiving close to their asking price for their homes. This can be a positive sign for sellers looking to maximize their returns.
Lastly, the Median Sold Price is $405,000, giving buyers and sellers a benchmark for the average price of homes in the market. This can help both parties make informed decisions when buying or selling a property.
Overall, these metrics paint a picture of a market that is competitive, with low inventory levels driving up prices and leading to quick sales. Buyers may need to act fast and be prepared to make strong offers, while sellers may have the opportunity to capitalize on the current market conditions. It is important for both buyers and sellers to work with a knowledgeable real estate agent who can help navigate these market dynamics and achieve their real estate goals.
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.
The Ultimate Home Buyer's Guide
The Ultimate Home Seller's Guide
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