What’s Going on in the Aurora, IL Real Estate Market This August?
Hey there, Kris here with The Kombrink Team at One Source Realty. I’m here to break down what’s happening in the Aurora real estate market this August. Whether you’re looking to buy, sell, or just stay in the know, I’ve got all the details you need.
Let’s get into it.
Right now, Aurora has a 1.24 Months Supply of Inventory.
That’s a fancy way of saying that if no new homes were listed starting today, it would take just over a month to sell everything currently available.
But here’s the twist—over the last year, we’ve seen a 16.9% increase in this inventory number.
What does that mean?
It’s a sign that the market is cooling off a bit. We’re not in the same frenzy we were in last year, but homes are still moving.
What Does This Mean for Buyers and Sellers?
For buyers, this slight increase in inventory might give you a little more breathing room.
You might not have to make a lightning-fast decision, but don’t get too comfortable.
Aurora’s market is still competitive, and the good homes are selling quickly. For sellers, this means you’re still in a strong position, but it’s important to price your home right and make it stand out. Buyers might have a few more options, so make sure your property shines.
Homes Are Still Selling Above List Price
Now, let’s talk about how much homes are selling for.
The List to Sold Price percentage in Aurora is currently 101.4%.
In simple terms, homes are selling for slightly more than their list price, on average. This is great news if you’re selling—you could end up with a bit more cash in your pocket.
If you’re buying, it’s a heads-up that you might need to come in strong with your offer, especially if you find a home you love.
How Fast Are Homes Selling in Aurora?
Let’s talk speed.
Right now, the median days on market is just 7 days.
That’s right—homes are selling in about a week. This means that if you’re looking to buy, you need to be ready to move quickly. Have your financing in order, know what you want, and be prepared to make an offer when you find it.
If you’re selling, this is a good indicator that your home won’t be on the market for long, but it also means you need to be ready for a fast-paced process.
What’s the Median Sold Price in Aurora?
And finally, the number everyone’s curious about—the median sold price in Aurora is $324,750.
This is a solid indicator of the market’s overall health.
It shows that homes in Aurora are maintaining their value, and the market is still strong.
So, What’s the Bottom Line?
If you’re thinking about buying or selling in Aurora, now is a good time to make your move.
The market is slightly cooling, but it’s still competitive, with homes selling quickly and often above the list price. Whether you’re looking to buy your dream home or sell your current one, having a plan and acting quickly will be key.
If you’ve got questions or need help navigating the market, The Kombrink Team is just a call away at 630-402-0021.
Let’s make your real estate journey a success.
FAQs
Is the Aurora, IL real estate market still hot?
While the market has cooled slightly, it’s still competitive. Homes are selling quickly and often above list price, so it’s important to be prepared.
What does a 1.24 Months Supply of Inventory mean for me?
This means that if no new homes were listed, it would take just over a month to sell all the current listings. It’s a sign of a competitive market, but with a slight increase in inventory, buyers might have a bit more flexibility.
How fast are homes selling in Aurora, IL?
Homes in Aurora are selling in just 7 days on average. That’s pretty fast, so if you’re buying, be ready to act quickly.
What’s the average price for a home in Aurora, IL?
The median sold price for homes in Aurora is $324,750 as of August 2024. This reflects the strong demand and value in the area.
Is now a good time to sell my home in Aurora, IL?
Yes, with homes selling quickly and above list price, it’s still a great time to sell. However, with a slight increase in inventory, it’s important to price your home competitively.
How much above list price are homes selling for in Aurora, IL?
On average, homes are selling for about 101.4% of their list price, meaning they’re going for slightly above what sellers are asking.
Posted by The Kombrink Team on
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