What have home prices been doing in Hanover Park this year?
Median home prices in Hanover Park IL have leveled off over the last few months. We’re currently seeing a median list price of $189,900. The chart below is a good comparison of median list prices vs. median sales prices in Hanover Park IL over the last year. As you can see, home buyers and sellers have been fairly aligned all year.
Are home prices in Hanover Park IL going up or down?
Home prices in Hanover Park rose 7.9% in May over April. The median sales price right now is $182,000. We have seen a year-over-year price increase of 20.5%! Hanover Park homes are definitely appreciating and this trend is only expected to continue.
Is Hanover Park 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 Hanover Park is low at 2.3 months. Anything between 3-6 months could be considered a stable market. 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 Hanover Park right now?
A lot of Hanover Park 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 Hanover Park. In May, 76% of homes for sale were traditional sales. There were 12 foreclosures on the market which is down from last year. Short sales are on the decline also falling to their lowest point in years. Home prices in Hanover Park IL are not being greatly affected by these factors.
How long is it taking to sell a home in Hanover Park right now?
The median market time for a home in Hanover Park is at 32 days. This is down slightly over the last year.
Want a rough idea of your home’s current value?
Fill out the form below to view an online analysis of your Hanover Park IL home price. While not as accurate as meeting with us in person, it can help you determine if selling your Hanover Park 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 Hanover Park Listing Specialist, Matt Kombrink, today to arrange for a complimentary home pricing analysis of your home. Matt can be reached at 630-488-3300.