Market Update December 6, 2023

The Housing Market for McLennan County, TX (As of November 2023)

Welcome, Buyers and Sellers! Today, we will dive into some fascinating real estate metrics that will help you understand the current market trends in McLennan County. So, let’s get started!

First, let’s talk about the “Months Supply of Inventory,” which currently stands at 4.18. This metric indicates how long it would take for all the available homes on the market to be sold, given the current demand. A lower number suggests a seller’s market, where there are more buyers than available properties. On the other hand, a higher number indicates a buyer’s market, where there are more homes available than buyers. With a supply of 4.18 months, we are leaning towards a balanced market, providing both buyers and sellers with fair opportunities.

Now, let’s discuss the “12-Month Change in Months of Inventory,” which has seen a remarkable increase of +114.36%. This means that compared to the same period last year, there has been a significant rise in the number of available homes. This change suggests that the market might be favoring buyers, as they have more options to choose from. Sellers, on the other hand, might need to strategize and price their homes competitively to attract potential buyers.

Moving on, we have the “Median Days Homes are On the Market,” which currently stands at 44. This metric sheds light on the average number of days it takes for a home to be sold. A lower number indicates a fast-paced market, where properties tend to sell quickly. Conversely, a higher number suggests a slower market, where homes stay on the market for a more extended period. With a median of 44 days, we can infer that the market is reasonably active, giving both buyers and sellers a good balance of time to make informed decisions.

Next up is the “List to Sold Price Percentage,” which currently sits at 97.7%. This metric shows the percentage of the original listing price that homes are selling for. A higher percentage indicates that homes are selling closer to their initial asking prices, which is great news for sellers. It also suggests that there might be strong demand for properties in this market. For buyers, this means that they might need to be prepared to negotiate diligently to secure a favorable deal.

Finally, let’s talk about the “Median Sold Price,” which is currently at $283,950. This metric represents the middle point of all the sold prices in the market. It provides a rough estimate of the typical price range that buyers and sellers can expect. With a median sold price of $283,950, we can conclude that properties in this market fall within this price range. However, it’s important to note that individual homes may vary significantly from this median, depending on their location, size, amenities, and other factors.

In summary, these real estate metrics paint a dynamic picture of the current market conditions. We have a balanced supply of inventory, a significant increase in available homes compared to last year, a reasonably active market with homes selling in about 44 days, a high list to sold price percentage indicating demand, and a median sold price of $283,950. These insights provide valuable information for both buyers and sellers to navigate the market successfully.

Keep in mind, real estate markets can change rapidly, so it’s essential to stay informed and work with knowledgeable professionals who can help you make the best decisions. Good luck with your real estate endeavors!