Hello everyone, Nick Kein here, your trusted REALTOR® for Aurora, Illinois. This April, I bring you a comprehensive update on our local real estate market, where the dynamics are swiftly evolving. Whether you are planning to buy or sell, understanding the current market conditions will empower you to make informed decisions. Let's break down the essential metrics and what they mean for you.

Tight Inventory Signifies a Competitive Market

One of the most striking figures this month is the Months Supply of Inventory (MSI), which stands at a mere 0.52 months. This is a stark decrease of 44.68% compared to last year. For those new to real estate metrics, the MSI indicates how long it would take for all current homes on the market to sell at the current rate of sales if no new listings were added. An MSI below 1-2 months typically signifies a strong seller’s market. In Aurora, this low MSI means that buyers have fewer options and must act quickly, while sellers are in a favorable position to negotiate.

Aurora IL Housing Inventory April 2024

Over Asking: The New Norm

The List to Sold Price ratio currently stands at an impressive 102.7%. This statistic shows that on average, homes in Aurora are selling for approximately 2.7% above the asking price. This trend is a clear indicator of the competitive bidding environment and underscores the urgency that buyers feel in this market. Sellers, this is your opportunity to leverage the competitive atmosphere to maximize your return on investment.

Aurora IL List to Sold Price Ratio for Home in Aurora IL April 2024

Homes are Flying Off the Market

The median days on market is another critical indicator of market temperature. Currently, homes in Aurora are selling in just 8 days on average. This rapid turnover rate is a testament to the high demand and the quick pace at which buyers are making decisions. In such a fast-moving market, both buyers and sellers need to be prepared for swift action. Buyers should get their financing in order and be ready to make decisive offers, while sellers should ensure their properties are well-presented and priced correctly to capitalize on the quick sales cycle.

Housing Market Time for Aurora IL April 2024

Stable Prices Indicate a Healthy Market

The median sold price in Aurora as of April 2024 is $300,000. This figure not only reflects the area’s housing value but also points to the overall health and stability of the local real estate market. Stable and consistent price points can encourage both first-time buyers and seasoned investors to engage with the market confidently.

Median sold home price in Aurora IL for April 2024

Ready to Make Your Move?

Whether you’re considering buying or selling in Aurora, the current market conditions suggest that now is the time to act. For buyers, despite the competitive market, there are opportunities to find a perfect home if you’re ready to move quickly. Sellers can benefit from the low inventory and high demand, potentially securing favorable terms and prices for their properties.

If you have any questions about the current market or need advice tailored to your unique situation, don’t hesitate to reach out. I’m here to help you navigate this dynamic market. Thanks for tuning in to this market update, and I look forward to helping you achieve your real estate goals in Aurora!

Contact Nick Kein:
Phone: 630-405-3855
Your partner in your real estate journey in Aurora, Illinois.

Posted by The Kombrink Team on


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