Missouri City Real Estate Market Update and Trends April 07, 2024
Hi Friends, the real estate market is currently showing a healthy balance between supply and demand, as indicated by the Months Supply of Inventory standing at 2.76. This means that at the current rate of sales, it would take approximately 2.76 months to sell all the available homes on the market.
It is worth noting that there has been a 12-Month Change in Months of Inventory of +14.52%, which suggests a slight increase in inventory levels over the past year. This could be attributed to more homes coming onto the market or a slowdown in sales activity.
Despite this increase in inventory, the Median Days Homes are On the Market is a relatively low 31 days, indicating that homes are selling quickly once they are listed. This could be due to high demand from buyers or competitive pricing strategies from sellers.
The List to Sold Price Percentage is a strong 97.3%, showing that homes are typically selling close to their list price. This indicates a balanced market where both buyers and sellers are able to negotiate fair deals.
Finally, the Median Sold Price of $348,470 reflects the current market value of homes in the area. This price point may attract both buyers looking for affordable options and sellers hoping to capitalize on favorable market conditions.
Overall, these metrics paint a picture of a dynamic real estate market with opportunities for both buyers and sellers. With low inventory, quick sales, and strong list to sold price percentages, now may be a good time for buyers to act before prices rise further, while sellers can take advantage of the current demand for homes.
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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