Now that we’re officially halfway through 2023, it’s a great time to check in and analyze a few key real estate market metrics. These metrics can greatly impact your buying or selling experience, but knowing and understanding them can help you navigate the housing market with confidence.
In this report, we will break down these metrics by local market areas. Real estate can also be hyper-local, meaning the market can vary from city to city, neighborhood to neighborhood, and property to property. While it’s important to keep this in mind when looking at the numbers, it’s also important to take a step back and realize what the greater market is doing as a whole.
So let’s dive in…
MONTHS SUPPLY OF INVENTORY
The Months Supply of Inventory metric represents the number of months it would take to sell all available homes on the market if no new listings were added.
A lower number of 0-3 months typically indicates a seller’s market, where demand outpaces supply. In a seller’s market, prices are higher and days on market are shorter. The COVID-era real estate market was a strong seller’s market.
Typically, 4-6 months is representative of a balanced market.
Anything higher than 6 months and we are undoubtedly in a buyer’s market where supply outstrips demand. As a result, buyers may have more options and hold the negotiating power, while sellers might need to be strategic in pricing their homes competitively.
As of June 30, 2023
Bell County
2.7 months in June 2023 → Compared to 1.0 Months in June 2022
Salado
6.2 Months in June 2023 → Compared to 1.7 Months in June 2022
Belton
3.2 Months in June 2023 → Compared to 1.2 Months in June 2022
Temple
2.9 Months in June 2023 → Compared to 1.1 Months in June 2022
Harker Heights
1.9 Months in June 2023 → Compared to 1.0 Months in June 2022
Killeen
1.6 Months in June 2023 → Compared to 0.7 Months in June 2022
Cameron
4.1 Months in June 2023 → Compared to 0.9 Months in June 2022
Milam County
5.4 Months in June 2023 → Compared to 2.6 Months in June 2022
This substantial rise suggests we are approaching a balanced market.
MEDIAN DAYS ON MARKET
To further understand our market’s dynamics, let’s explore the Median Days on Market, which illustrates the average number of days it takes for a home to go under contract and close. A shorter duration typically indicates a faster-paced market, where motivated buyers swiftly snatch up desirable properties. Conversely, a longer duration might indicate a more balanced market, allowing buyers more time to evaluate their options.
As of June 30, 2023
Bell County
79 Days in June 2023 → 23 days more than June 2022
Salado
45 Days in June 2023 → 16 days less than June 2022
Belton
84 Days in June 2023 → 11 days more than June 2022
Temple
84 Days in June 2023 → 38 days more than June 2022
Harker Heights
63 Days in June 2023 → 10 days more than June 2022
Killeen
63 Days in June 2023 → 15 days more than June 2022
Cameron
64 Days in June 2023 → 19 days more than June 2022
Milam County
78 Days in June 2023 → 25 days more than June 2022
LIST TO SOLD PERCENTAGE
Now, let’s shift our focus to the List to Sold Price Percentage, which reflects the percentage of the listed price that a home actually sells for. A higher percentage signifies strong demand and competition among buyers, which often leads to homes selling close to or even above the asking price.
As of June 30, 2023
Bell County
97.5% in June 2023 → 102.4% in June 2022
Salado
104.1% in June 2023 → 98.8% in June 2022
Belton
97.9% in June 2023 → 102.4% in June 2022
Temple
96.3% in June 2023 → 103.2% in June 2022
Harker Heights
98.9% in June 2023 →102.5% in June 2022
Killeen
98.2% in June 2023 → 102.1% in June 2022
Cameron
78.7% in June 2023 → 97.7% in June 2022
Milam County
86.3% in June 2023 → 99.3% in May 2022
MEDIAN SOLD PRICE
Lastly, we come to the Median Sold Price, a crucial factor for both buyers and sellers, which represents the midpoint value of all homes sold in the market. For sellers, it provides a benchmark to gauge the potential value of their own property. For buyers, it offers insights into the prevailing price range, enabling them to make informed decisions.
As of June 30, 2023
Bell County
$290,334 in June 2023→ Up 1.9% from June 2022
Salado
$467,500 in June 2023 → Down 18.3% from June 2022
Belton
$377,500 in June 2023 → Down 11.2% from June 2022
Temple
$284,500 in June 2023 → Down 5.3% from June 2022
Harker Heights
$323,950 in June 2023 → Down 1.8% from June 2022
Killeen
$240,000 in June 2023 → Up 4.4% from June 2022
Cameron
$100,000 in June 2023 → Down 40.8% from June 2022
Milam County
$162,450 in June 2023 → Down 29.4% from June 2022
In summary, we have explored the correlation between these real estate metrics and their implications for buyers and sellers. The Months Supply of Inventory and Median Days on Market suggests a balanced market, providing both buyers and sellers with opportunities. The List to Sold Price Percentage showcases demand, and the Median Sold Price sets a benchmark for pricing expectations.
Remember, understanding these metrics is crucial in making informed decisions in the ever-evolving real estate landscape. Happy buying and selling, and may your real estate ventures be prosperous!
