Porter Real Estate Market Update and Trends July 07, 2024
When analyzing the real estate market, several key metrics provide valuable insights into current trends and conditions.
The Months Supply of Inventory, which currently stands at 3.87, indicates the number of months it would take to sell all available homes on the market if no new listings were added. A lower number typically suggests a seller's market, while a higher number indicates a buyer's market.
The 12-Month Change in Months of Inventory, which has increased by +24.84%, highlights a shift towards a more balanced market, with potentially more inventory available for buyers to choose from.
The median Days Homes are On the Market, at 32 days, reflects the average amount of time it takes for a home to sell once listed. A lower number suggests high demand and quick turnover in the market.
The List to Sold Price Percentage, at 97.5%, illustrates that homes are typically selling very close to their listing price. This indicates a market where sellers are pricing their homes competitively and buyers are willing to pay close to asking price.
Lastly, the Median Sold Price of $378,000 provides an indication of the average selling price for homes in the market. This figure can be used by both buyers and sellers to gauge the overall affordability and value of properties in the area.
Overall, these metrics suggest a real estate market that is experiencing a healthy balance between supply and demand, with homes selling relatively quickly and close to their listing prices. Buyers and sellers alike can use this data to make informed decisions in the current market conditions.
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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