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WHAT'S GOING ON IN THE ILLINOIS MARKET?

Here you can find the latest residential market trends for the Greater Chicagoland Area. Understanding the months of inventory, list-to-sold price percentage, median days on the market, and median sold price is essential to becoming an educated buyer or seller. You can compare the data to the value of your own home and use it to price it accordingly. It is also a helpful reference point when searching for potential new homes to compare with other homes in the same area. 

Data Found On Realtors Property Resource®, LLC

Cook County

December Market Trends

Cook County market trends

Firstly, let's talk about the Month's Supply of Inventory, which currently stands at 1.81. 

A lower number indicates a seller's market, where demand exceeds supply, leading to potentially higher prices and quicker sales. Moving on, we have the Median Days Homes are On the Market, which stands at 32. A lower number suggests a faster-paced market, with homes selling relatively quickly. This could be attributed to high demand or attractive pricing. Next up, we have the List to Sold Price Percentage, which currently sits at an impressive 99.2%. A higher percentage suggests that sellers are receiving offers close to or even above their asking price, indicating a strong market and potentially driving prices higher. Lastly, let's discuss the Median Sold Price, which currently stands at $295,000. It provides a snapshot of the overall pricing trend. A higher median sold price suggests a market with rising property values and potentially increased buyer demand.

DuPage County

December Market Trends

DuPage County market trends

Let's begin with the Month's Supply of Inventory, which is currently at a low value of 1.06. A lower value suggests a seller's market, where demand outweighs supply. In this scenario, buyers might face more competition and potentially have to act quickly to secure their desired property. Moving on, we have the Median Days Homes Are On the Market, which stands at 26. A lower value typically suggests a faster-paced market, where properties are being snatched up more quickly. For sellers, this means their homes are likely to attract attention and sell relatively fast. For buyers, it implies the need for prompt action and potentially more competition. Next, let's focus on the List To Sold Price Percentage, which currently sits at an impressive 99.1%.  A higher percentage indicates that homes are selling very close to their asking prices. Lastly, we have the Median Sold Price, which is currently at $440,000. It provides insight into the overall price range and market trends. A higher median sold price indicates a stronger market with potentially increasing property values. For sellers, this is good news as it suggests that they may be able to command higher prices for their homes. For buyers, it might mean being prepared to pay a premium for properties in high-demand areas.

Will County

December Market Trends

Will County market trends

One of the key metrics that we will be exploring is the Month's Supply of Inventory, which currently stands at 1.33. A low supply of inventory indicates a seller's market, where there are more buyers than available properties. Conversely, a high supply of inventory suggests a buyer's market, where there are more homes for sale than potential buyers. Next, we have the Median Days Homes are On the Market, which currently stands at 23. A lower number suggests a faster-moving market, where homes are selling quickly. In our case, a median of 23 days indicates a dynamic and active market, indicating strong demand and potential opportunities for sellers to secure quick sales. Now, let's turn our attention to the List To Sold Price Percentage, which stands at 98.9%. A higher percentage indicates that homes are selling close to their listed price, suggesting a market where sellers have strong negotiating power. Lastly, we have the Median Sold Price, which currently sits at $335,000. It is a good indicator of overall market trends and can help buyers and sellers understand the general price range for properties. In our case, it indicates that this is the middle range of sold prices, with some properties selling for more and others for less.

Past Market Trends

Want to see how the current residential market trends compare to previous months?

Find more information below.

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