What have home prices been doing in West Chicago this year?
Median home prices in West Chicago IL have been trending higher over the last year. We’re currently seeing a median list price of $300,000. The chart below is a good comparison of median list prices vs. median sales prices in West Chicago IL for the last 12 months. As you can see, home buyers and sellers are becoming more aligned.
Are home prices in West Chicago IL going up or down?
Home prices in West Chicago jumped 22.6% in May over April. The median sales price right now is $245,000. The great news is that comparing this year-over-year we see a 26.3% increase! West Chicago homes are definitely appreciating and this trend is only expected to continue.
Is West Chicago 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 West Chicago is low at 3.7 months. Anything between 3-6 months could be considered a stable market so we’re right below 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 West Chicago right now?
A lot of West Chicago 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 West Chicago. In May, 84% of homes for sale were traditional sales. There were 9 foreclosures on the market and this is on a downward trend. Short sales are on the decline as well with 9. Home prices in West Chicago IL may be feeling a slight impact by these factors.
How long is it taking to sell a home in West Chicago right now?
The median market time for a home in West Chicago is at 45 days. This is up slightly over the last couple of months but down from last year when market time was at 53 days.
Want a rough idea of your home’s current value?
Fill out the form below to view an online analysis of your West Chicago IL home price. While not as accurate as meeting with us in person, it can help you determine if selling your West Chicago 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 West Chicago Listing Specialist, Matt Kombrink, today to arrange for a complimentary home pricing analysis of your home. Matt can be reached at 630-488-3300.