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Illinois Past Market Trends

Here you can find the previous 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

February Market Trends

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The real estate market is currently experiencing a high demand with a low supply of inventory, as indicated by the monthly supply of Inventory being at 1.62. With homes flying off the market at a rapid pace, the Median Days Homes are On the Market is only 30 days. This means that homes are selling quickly, often with multiple offers and bidding wars driving up the final sale price. Despite the competitive market, buyers can take comfort in knowing that they are still able to negotiate slightly on price, as the List to Sold Price Percentage is at a reasonable 98.9%. This indicates that sellers are willing to accept offers close to their asking price. The Median Sold Price of $298,500 reflects the current market conditions, showing a healthy appreciation in property values. Buyers can expect to pay a fair price for a home, while sellers can capitalize on the strong demand and potentially sell their property for a good return on investment.

DuPage County

February Market Trends

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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 0.9. This means that there are fewer homes available for sale compared to the number of buyers in the market. The Median Days Homes are On the Market is 26, which is relatively low and suggests that homes are selling quickly once they are listed. This quick turnover time is likely due to the high demand and low inventory levels, leading to a competitive market for buyers. The List to Sold Price Percentage is high at 98.5%, indicating that homes are selling very close to their list price. This shows that sellers are able to command strong offers and buyers are willing to pay close to asking price in order to secure a property in this competitive market. The Median Sold Price of $420,000 reflects the current market value of homes in this area. With the combination of low inventory, quick turnover times, and high list-to-sold price percentage, sellers have the advantage in this market while buyers may need to act fast and be prepared to make competitive offers.

Will County

February Market Trends

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Firstly, the month's Supply of Inventory being at 1.17 indicates a low inventory of homes available for sale. This scarcity of options can lead to increased competition among buyers, driving prices higher. The Median Days Homes are On the Market being only 24 days reflects the fast-paced nature of the market. Homes are selling quickly, illustrating the need for buyers to act swiftly when they find a property that meets their criteria. The List to Sold Price Percentage being at 99.2% shows that sellers are getting close to their asking price when their home sells. This high percentage indicates that buyers are willing to pay close to the list price for desirable properties. Lastly, the Median Sold Price of $349,900 gives buyers and sellers a benchmark for property values in the area. This price point can help sellers determine a competitive listing price, while buyers can use it to gauge whether a property is priced fairly. 

Cook County

January 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

January Market Trends

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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

January Market Trends

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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.

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