The real estate market is currently showing a strong correlation between the months supply of inventory, the median days homes are on the market, the list to sold price percentage, and the median sold price.
With a low months supply of inventory at 2.27, this indicates that there is a high demand for homes in the market. This is further supported by the 12-month change in months of inventory, which has decreased by 21.72%. The market is moving quickly, with homes spending a median of 21 days on the market before being sold.
Additionally, the list to sold price percentage is at 93.1%, showing that homes are selling close to their listing price. This, along with the median sold price of $246,990, suggests that sellers are able to command strong prices for their properties due to the high demand and low inventory levels.
For buyers, this means that they may need to act quickly and be prepared to make competitive offers in order to secure a home in this market. For sellers, it presents an opportunity to potentially sell their home at a favorable price and in a shorter amount of time. Overall, these metrics indicate a market that is currently favorable for both buyers and sellers.
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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