For the properties above $800k in Memorial Drive, 77079, the market showed different trends:
For-Sale Properties: Decreased by 26.7% compared to June 2023.
Sold Properties: Decreased by 33.3% compared to June 2023.
Median Price: Remained unchanged compared to June 2023.
Average Sales Price: $1,177,821
Price per Square Foot: Averaged $362.
Month Supply of Inventory: Increased by 9.2%, reaching 1.7 months. still a strong seller's market.
| Price Boxes | Pending | Sold | Average list price | Average sold price | Sold price to list price ratio | Ave days on the market |
|---|---|---|---|---|---|---|
| $800,000-999,000 | 5 | 7 | $307.03 | $316.47 | 103% | 15 |
| $1,000,000-$1,299,000 | 5 | 6 | $354.04 | $367.89 | 104% | 12 |
| $1,300,000-1,499,000 | 2 | 1 | $378.06 | $406.98 | 105% | 7 |
| $1,500,000-$1,699,000 | 3 | 1 | $498.79 | $522.95 | 105% | 4 |
| $1,700,000-$1,999,000 | 0 | 0 | 0 | 0 | 0% | 0 |
| $2,000,000 & Above | 1 | 0 | 0 | 0 | 0% | 0 |
The real estate market for properties below $800k in Memorial Drive, 77079, experienced notable changes in June 2024:
For-Sale Properties: Decreased by 10.5% compared to June 2023.
Sold Properties: Decreased by 29.4% compared to June 2023.
Median Price: Decreased by 6.9% compared to June 2023.
Average Sales Price: Decreased by 0.9%, with the average sales price being $589,458.
Price per Square Foot: Averaged $220.
Month Supply of Inventory: Decreased by 9.9%, reaching 1.7 months. indicating a strong seller's market.
| Price Boxes | Pending | Sold | Average list price | Average sold price | Sold price to listprice ration | Ave days on themarket |
|---|---|---|---|---|---|---|
| Under $500,000 | 1 | 1 | $156.52 | $156.88 | 100% | 4 |
| $500,000-599,000 | 1 | 8 | $212.49 | $208.39 | 98% | 34 |
| $600,000-699,000 | 3 | 3 | $297.47 | $288.76 | 97% | 44 |
| $700,000-799,000 | 7 | 1 | $279.15 | $274.48 | 98% | 7 |
Real estate trends are crucial for gaining a comprehensive understanding of the local real estate market, as they provide valuable insights into market dynamics, property values, and buyer behavior. By analyzing trends such as price fluctuations, inventory levels, and days on the market, real estate professionals can make informed decisions, predict future market conditions, and tailor their strategies to meet the demands of buyers and sellers. Additionally, keeping abreast of local trends enables agents to identify emerging neighborhoods, understand the impact of economic factors, and offer precise advice to clients, ultimately enhancing their ability to navigate the market successfully and achieve optimal outcomes.
