Let’s break down these real estate metrics and see how they correlate with each other in the Hutto November 2024 Residential Housing Market Update.
First, we have the Months Supply of Inventory, which is currently at 2.46. This number indicates how long it would take for all the current homes on the market to be sold based on the current sales pace. A lower number typically suggests a seller’s market, where demand is high and supply is limited.
Next, we have the 12-Month Change in Months of Inventory, which is at -10.22%. This negative percentage indicates a decrease in the number of months it would take to sell all the homes on the market compared to a year ago. This suggests that the market is becoming more competitive for buyers.
The Median Days Homes are On the Market is 48, which means that, on average, homes are selling relatively quickly in this market. A lower number of days on the market usually indicates high demand and competitive pricing.
The List to Sold Price Percentage is at 99.4%, showing that homes are typically selling very close to their listing price. This suggests that sellers are pricing their homes accurately and buyers are willing to pay close to the asking price.
Finally, the Median Sold Price is $361,500. This number represents the midpoint of all the home sale prices in the market. Combined with the other metrics, it shows that there is strong demand for homes in this market, leading to quick sales at close to asking prices.
Overall, these metrics indicate a market with limited inventory, high demand, quick sales, and prices close to asking. For buyers, this may mean being prepared to act quickly and potentially pay close to the asking price. For sellers, it’s a good time to list your home with confidence that it will likely sell quickly and at a favorable price in my Hutto November 2024 Residential Housing Market Update.
If you would like to know more about what is happening in your particular area, let’s schedule some time to speak. Each market is different and there are micro markets that may provide additional insight. I look forward to discussing what is going on with your area.
