What have home prices been doing in Geneva this year?
Median home prices in Geneva IL have been fairly stable over the last few months. We’re currently seeing a median list price of $379,000. The chart below is a good comparison of median list prices vs. median sales prices in Geneva IL during the last 12 months. As you can see, home buyers and sellers remain fairly aligned. This is a good indicator that sellers are accurately pricing their home.
Are home prices in Geneva IL going up or down?
Home prices in Geneva jumped 13.5% in July as compared to June. The median sales price right now is $331,750. Geneva has seen an increase in sales prices of 3% year-over-year. Geneva homes are a great investment as prices are expected to continue climbing.
Is Geneva in a buyers or sellers market right now?
Inventory of homes for sale in Geneva is at 3.9 months. Anything between 3-6 months could be considered a stable market so we’re right in the middle 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 Geneva right now?
A lot of Geneva 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 Geneva. In July, almost 95% of homes for sale were traditional sales. There were 5 foreclosures on the market, which has doubled in recent months but is still low. Short sales are on the decline with only 6. Home prices in Geneva IL are not being affected by these factors.
How long is it taking to sell a home in Geneva right now?
The median market time for a home in Geneva is at 37 days. This is down from last year when market time was at 50 days. This could indicate a strengthening buyer pool.
Want a rough idea of your home’s current value?
Fill out the form below to view an online analysis of your Geneva IL home price. While not as accurate as meeting with us in person, it can help you determine if selling your Geneva 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 Geneva Listing Specialist, Matt Kombrink, today to arrange for a complimentary home pricing analysis of your home. Matt can be reached at 630-488-3300.