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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.
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Data Found On Realtors Property Resource®, LLC
Cook County
April Market Trends
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The real estate market is currently experiencing a low inventory situation with only 1.93 months supply of homes available for sale. This indicates a high demand for homes in the market, leading to a competitive environment for buyers. Homes are selling quickly, with a median of only 22 days on the market. This rapid turnover of homes indicates a strong seller's market, where buyers need to act fast to secure a property. Sellers are also seeing strong returns on their investments, with homes selling at 99.4% of their list price. This high list-to-sold price percentage demonstrates that sellers are able to command close to their asking price in the current market conditions. The median sold price for homes is $335,000, indicating a healthy and stable market where homes are selling at a reasonable price point. Buyers and sellers can both benefit from these market conditions, with sellers enjoying strong returns and buyers finding opportunities to purchase homes in a competitive market.
DuPage County
April Market Trends
The real estate market is currently experiencing a high demand with a low supply of inventory, as indicated by a low monthly supply of Inventory of 1.04. This means that there are fewer homes available for purchase, leading to increased competition among buyers. The Median Days Homes are On the Market at 13 days reflects the quick turnaround time for homes to sell, indicating a strong seller's market. Buyers need to act fast and make competitive offers in order to secure a property in this fast-paced environment. The List to Sold Price Percentage exceeding 100% at 100.5% shows that homes are selling for slightly above their listing price on average. This suggests that sellers have the upper hand in negotiations and are able to command top dollar for their properties. Lastly, the Median Sold Price of $423,500 indicates a healthy and stable market with prices holding steady. Buyers can expect to pay a fair market value for homes in this area, while sellers can feel confident in achieving a reasonable return on their investment.
Will County
April Market Trends
The real estate market is currently experiencing a high demand with a low supply of inventory, as indicated by the low monthly supply of Inventory at 1.23. This means that if no new homes were listed, it would take just over a month for all current homes on the market to be sold. The Median Days Homes are On the Market is a mere 18 days, highlighting the quick turnover of properties in this market. This means that sellers are able to sell their homes relatively quickly, while buyers must act fast to secure a property. The List to Sold Price Percentage is above 100% at 100.1%, indicating that homes are generally selling for slightly above their list price. This suggests that there is strong competition among buyers, leading to bidding wars and driving prices up. The Median Sold Price in this market is $340,000, reflecting the overall pricing trends in the area. With a combination of low inventory, quick turnover, and high demand, sellers are likely to see strong returns on their investment, while buyers may need to act swiftly and strategically to secure a property in this competitive market.
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