Trends You Need to Know for Buyers and Sellers
Understanding today’s housing market requires breaking down key real estate metrics and analyzing their impact on both buyers and sellers. Here’s a look at the latest data and what it means for the market in Justin, Texas.
Inventory Levels Rise, Indicating a Potential Shift
The Months Supply of Inventory now sits at 5.03. This metric represents how long it would take to sell all available homes if no new listings were added. While still balanced, an increase in inventory suggests the market could be tilting toward buyers, providing them with more options to choose from.
The 12-Month Change in Months of Inventory has surged by +40.9%, signaling a notable rise in available properties over the past year. This uptick is a shift that buyers should take advantage of as it increases competition among sellers and offers more variety in the market.
Homes Continue to Sell Quickly
Despite the increase in inventory, homes are still moving fast. The Median Days on Market is 43, meaning properties are selling in just over six weeks. For sellers, this indicates a healthy pace and minimal delays in closing deals.
Strong Sale Prices Hold Steady
The List to Sold Price Percentage remains strong at 97.9%. This means homes are selling close to their listing price, reinforcing steady demand and limited room for price negotiation. Sellers can expect to achieve near-list price offers, which is a positive signal for the market’s stability.
Median Home Price Provides Benchmark
The Median Sold Price in the Justin area currently stands at $457,495. This figure offers a benchmark for buyers and sellers to gauge the market’s pricing trends, helping both parties make more informed financial decisions.
Market Outlook: Balanced with Opportunities for Both Buyers and Sellers
In summary, these metrics point to a balanced housing market. Inventory is growing, providing buyers with more options, while homes are still selling relatively quickly and close to their listing prices. It’s a favorable time for buyers seeking more choices and sellers looking to capitalize on strong demand.