Updated: Aug 31
Eastwood was established in 1913 by William A. Wilson, One of Houston's original streetcar suburbs. It boasts homes built in the Craftsman, Arts & Crafts, Foursquare, and Mission architectural styles showcasing the popular architectural trends of its heyday.
This Community's proximity to downtown Houston and the University of Houston makes it a desirable location for those who work in the city but want a residential neighborhood vibe
.All things real estate in Eastwood
When it comes to understanding the real estate market, there are several metrics that can provide valuable insights for both buyers and sellers. Let's take a closer look at the correlation between these metrics to help you make informed decisions.
Firstly, let's consider the "Months Supply of Inventory," which currently stands at 4.78. This metric represents the number of months it would take to sell all the homes on the market if no new listings were added. A lower number indicates a seller's market, where demand exceeds supply, leading to potentially higher prices and quicker sales.
Now, let's examine the "12-Month Change in Months of Inventory," which shows a significant increase of +70.71%. This means that the supply of homes on the market has increased over the past year. Such a significant change could potentially indicate a shift towards a buyer's market, where there is more supply than demand. Buyers may have more options and negotiating power, while sellers may need to adjust their pricing and marketing strategies to attract buyers.
Moving on to the "Median Days Homes are On the Market," this metric tells us how long, on average, it takes for homes to sell. Currently, the median number of days homes are on the market is 65. This number provides insights into the pace of the market. A shorter median day on the market suggests a faster-moving market, where homes are in high demand and sell quickly. Conversely, longer median days on the market may indicate a slower market, where sellers need to be patient and potentially adjust their pricing or marketing tactics.
Next, let's consider the "List to Sold Price Percentage," which currently stands at 96.9%. This metric measures the percentage of the listed price that homes are actually sold for. A higher percentage suggests that sellers are getting close to their asking price, indicating a stronger market where buyers are willing to pay closer to the listed price. Conversely, a lower percentage may indicate more room for negotiation and potentially lower selling prices.
Finally, we have the "Median Sold Price," which is currently $374,500. This metric represents the midpoint of all the sold prices in the market. It gives us a sense of the overall price range and trends in the market. A higher median sold price suggests a more expensive market, while a lower median sold price indicates a more affordable market.
To summarize the correlation between these metrics, we can see that the increase in the "12-Month Change in Months of Inventory" may be contributing to potentially shifting market dynamics. While the "Months Supply of Inventory" is still relatively low at 4.78, indicating a seller's market, the increase in supply may be leading to longer "Median Days Homes are On the Market" and potentially more negotiation room as reflected in the "List to Sold Price Percentage." However, it's important to note that the "Median Sold Price" remains at $374,500, suggesting that prices are still relatively high.