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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

March Market Trends

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The real estate market is currently experiencing a low inventory situation with only 1.93 months' supply of inventory available. This indicates a high demand for homes in the market, making it a favorable time for sellers to list their properties. The median days homes are on the market is 30, which is relatively low compared to historical averages. This indicates that homes are selling quickly, further highlighting the strong demand in the market. In terms of pricing, the list-to-sold price percentage is 98.8%, indicating that sellers are able to sell their homes for close to their asking price. Additionally, the median sold price is $309,000, showing a healthy appreciation in property values.

DuPage County

March Market Trends

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First, let's look at the monthly supply of Inventory, which is currently at 1.06. A low monthly supply of Inventory suggests a high demand for homes in the market. The Median Days Homes are on the Market is 15, which is relatively low and further supports the idea of a fast-moving market with homes selling quickly. This metric is especially important for sellers looking to sell their homes in a timely manner. The List to Sold Price Percentage is 100.1%, meaning that, on average, homes are selling for slightly above their listing price. This could indicate strong buyer demand and potentially competitive bidding situations. Lastly, the Median Sold Price is $402,000, which gives insight into the average price at which homes are selling in the current market. This information is valuable for both buyers and sellers to understand the pricing trends in the market.
 

Will County

March Market Trends

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The month's Supply of Inventory is a key indicator of market conditions, representing the number of months it would take to sell all current listings at the current sales pace. With a low monthly supply of Inventory at 1.2, this suggests a seller's market where demand outweighs supply, potentially leading to higher prices and quicker sales. The Median Days Homes are On the Market at 21 days reflects the speed at which homes are being sold. With properties selling quickly, buyers may need to act fast in making offers to secure a home in this competitive market. The List to Sold Price Percentage at 99.7% indicates that homes are typically selling very close to their list price. Lastly, the Median Sold Price at $342,000 gives insight into the average price at which homes are selling. This information can help both buyers and sellers understand the current market value of properties in the area.
 

Past Market Trends

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

Find more information below.

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