What have home prices been doing in Elburn this year?
Median home prices in Elburn IL have risen slightly since January. We’re currently seeing a median list price of $306,250. The chart below is a good comparison of median list prices vs. median sales prices in Elburn IL for last year. As you can see, home buyers and sellers are becoming more aligned as the year progresses. This indicates sellers are pricing their home more in line with what the market will bear.
Are home prices in Elburn IL going up or down?
Home prices in Elburn were down 6.6% in January as compared to December. The median sales price right now is $268,000. Year-over-year home prices have increased 9.4%! Elburn homes are definitely appreciating and this trend is only expected to continue.
Is Elburn in a buyers or sellers market right now?
If you’ve been on the fence about selling your home, now is a great time! Inventory of homes for sale in Elburn has dropped to 4.7 months. Anything between 3-6 months could be considered a stable market so we’re nearing the low end of that. Inventory below 3 months puts us in a sellers market where prices can rise and market times fall. Over 6 months and a buyers market takes over resulting in lower prices and longer market times.
What types of homes are for sale in Elburn right now?
A lot of Elburn homeowners may be concerned about foreclosures and short sales dragging down the market. Actually, we’ve seen the numbers of bank-owned and distressed properties fall in Elburn. In January, almost 96% of homes for sale were traditional sales. There were 2 foreclosures and just 1 short sale. Home prices in Elburn IL are not being affected by these factors.
How long is it taking to sell a home in Elburn right now?
The median market time for a home in Elburn is at 62 days. This has been remaining stable since March of this year. Compared to January 2016, the market time was 60 days. This could indicate fewer buyers entering the market, or simply more competition.
Want a rough idea of your home’s current value?
Fill out the form below to view an online analysis of your Elburn IL home price. While not as accurate as meeting with us in person, it can help you determine if selling your Elburn home makes sense right now.
Looking for something more accurate?
The Kombrink Lobrillo Team at RE/MAX All Pro takes a very analytical approach to pricing your home. Using a process similar to that of an actual home appraiser, our in-depth analysis produces a pricing strategy to get your home sold for top dollar in the least amount of time. Combine that with our top notch marketing strategy and we’ll help you realize your real estate goals before you know it.
Contact our Elburn Listing Specialist, Matt Kombrink, today to arrange for a complimentary home pricing analysis of your home. Matt can be reached at 630-488-3300.