Understanding the correlation between key real estate metrics can provide valuable insights for both buyers and sellers in the current market.
First, let's look at the Months Supply of Inventory, which currently stands at 1.8 months. This indicates a low level of inventory relative to the demand for homes in the market. The 12-Month Change in Months of Inventory is also significant, showing an increase of 14.65% over the past year. This suggests that inventory levels have been increasing, potentially providing more options for buyers.
The Median Days Homes are On the Market is a mere 12 days, indicating a fast-paced market where homes are selling quickly. This is further supported by the List to Sold Price Percentage of 99.4%, showing that homes are typically selling very close to their listing price.
Finally, the Median Sold Price of $367,500 reflects the current market value of homes in the area. This data point can be helpful for both buyers and sellers in determining appropriate pricing strategies.
Overall, these metrics paint a picture of a dynamic real estate market with low inventory, fast sales, and strong pricing. Buyers may need to act quickly and be prepared to make competitive offers, while sellers may find themselves in a favorable position to sell their homes at or near asking price.
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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