As a real estate professional, it is important to understand the correlation between various metrics in the market to make informed decisions.
The Months Supply of Inventory is a key indicator of market conditions, with a current value of 7.41. This metric measures how long it would take to sell all the available homes on the market at the current sales pace. A lower number indicates a seller's market, while a higher number suggests a buyer's market.
The 12-Month Change in Months of Inventory has increased by +81.17%, indicating a shift towards a more balanced market or potentially a buyer's market. This change could be influenced by factors such as increasing inventory levels or a slowdown in sales activity.
The Median Days Homes are On the Market is 61, which is a moderate number indicating that homes are selling within a reasonable timeframe. This metric can be affected by factors such as pricing, location, and market demand.
The List to Sold Price Percentage is 97.6%, indicating that on average, homes are selling very close to their listed price. This can be a positive sign for sellers, as it suggests that homes are priced appropriately for the market.
The Median Sold Price is $515,000, providing insight into the overall pricing trends in the market. This metric is influenced by factors such as location, property size, and market demand.
Overall, these metrics suggest that the market is currently in a balanced state, with homes selling at a reasonable pace and close to their listed price. Buyers and sellers should pay close attention to these indicators when making real estate decisions to ensure they are well-informed and positioned for success in the 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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