The Latest Aurora, IL Real Estate Market Trends You Need to Know
Hey there! It's The Kombrink Team at One Source Realty, your trusted REALTORS® serving the Aurora, Illinois community. Whether you're looking to buy or sell a home, staying updated on local real estate trends can help you make the best decisions. Today, we're breaking down the latest market stats, what they mean for buyers and sellers, and what you should do next.
Aurora’s Housing Market at a Glance
The Aurora real estate market is seeing some interesting shifts. Here are the key stats for this month:
- 1 Month Supply of Inventory – A tight supply, keeping competition strong.
- 16% Increase in Inventory – A positive sign for buyers, but still not enough to tip the market in their favor.
- 99.5% Sold-to-List Price Ratio – Homes are selling nearly at asking price.
- 13 Median Days on Market – Homes are moving fast!
- $302,000 Median Sold Price – A solid benchmark for buyers and sellers.
Now, let’s break down what this means for you.
What This Means for Home Sellers
If you're considering selling your home in Aurora, you're in a great position. Here’s why:
1. Homes Are Selling Close to Asking Price
With a 99.5% sold-to-list price ratio, most sellers are getting nearly what they list their homes for. This indicates strong demand, meaning well-priced homes won’t linger on the market.
2. Quick Sales Are the Norm
A median of 13 days on the market is extremely fast. This means that buyers are motivated and willing to act quickly. To maximize this advantage:
- Price competitively: Even in a seller’s market, overpriced homes can deter buyers.
- Stage your home: Professionally staged homes tend to sell faster and for more money.
- Work with a local expert: An experienced agent can help navigate bidding wars and secure the best deal.
3. Inventory is Growing (But Still Low)
Although inventory has increased by 16% from last year, Aurora still has only a 1-month supply—far below the balanced-market threshold of 4-6 months. This low supply means sellers continue to hold negotiating power.
What This Means for Home Buyers
While Aurora remains a competitive market, buyers can still find opportunities. Here’s what you need to know:
1. Move Fast—Homes Are Selling in 13 Days
With homes flying off the market, buyers must:
- Get pre-approved: A mortgage pre-approval strengthens your offer.
- Be prepared to act quickly: Delaying a decision could mean losing out to another buyer.
- Consider strong offers: In some cases, offering slightly above asking price can secure the home.
2. Expect to Pay Close to Asking Price
With homes selling at 99.5% of their list price, lowball offers aren’t likely to work. Be prepared to submit a competitive bid, especially in desirable neighborhoods.
3. Inventory is Slowly Increasing
A 16% rise in inventory is a step in the right direction for buyers. While it’s still a seller’s market, this trend may eventually lead to more balance, creating opportunities for those looking to purchase.
How Does Aurora Compare to Neighboring Areas?
While Aurora remains competitive, it’s helpful to compare it to other Chicagoland suburbs:
| City | Median Sold Price | Inventory Supply | Days on Market |
|---|---|---|---|
| Aurora | $302,000 | 1 Month | 13 |
| Naperville | $485,000 | 1.5 Months | 15 |
| Batavia | $365,000 | 1.2 Months | 12 |
| Plainfield | $350,000 | 1.3 Months | 14 |
Aurora remains an attractive option for buyers looking for affordability while still having access to excellent amenities, schools, and transportation.
Tips for Buying and Selling in Aurora’s Current Market
For Sellers:
- Price it right: Overpricing can lead to sitting on the market longer than necessary.
- Prepare your home: Staging and curb appeal improvements can boost buyer interest.
- Consider multiple offers carefully: In a fast-moving market, some buyers may waive contingencies—work with an agent to evaluate the best deal.
For Buyers:
- Get pre-approved: This helps you stand out in competitive bidding situations.
- Work with a local agent: Having an expert who knows Aurora’s micro-markets is invaluable.
- Be flexible: Expanding your search criteria could open up more possibilities.
The Future of Aurora’s Real Estate Market
While Aurora remains a seller’s market, the slight increase in inventory suggests a gradual shift toward more balance. As interest rates fluctuate and market conditions evolve, both buyers and sellers should stay informed and work with experienced local professionals.
Need Expert Guidance?
If you’re thinking about buying or selling in Aurora, The Kombrink Team at One Source Realty is here to help. We provide expert insights, personalized strategies, and hands-on assistance to ensure you achieve your real estate goals.
Contact us today! Let’s discuss your options and create a plan tailored to your needs.
Frequently Asked Questions (FAQs)
How competitive is the Aurora real estate market?
Aurora remains highly competitive, with homes selling in about 13 days and at nearly the full asking price.
Is now a good time to sell my home in Aurora?
Yes! Low inventory and high demand mean sellers can get top dollar with minimal time on the market.
What should I expect as a buyer in Aurora?
Expect competition, quick sales, and a need for strong, well-prepared offers.
Will Aurora’s market cool down soon?
While inventory is slowly increasing, demand remains high. Any slowdown would likely be gradual.
What’s the best way to buy a home in Aurora?
Work with an experienced agent, get pre-approved, and be ready to act quickly.
How does Aurora compare to other Chicago suburbs?
Aurora remains more affordable than Naperville and Batavia, making it a great option for value-seeking buyers.
Stay Updated!
Market conditions change quickly, so stay connected with us for the latest updates. Whether you’re buying or selling, The Kombrink Team at One Source Realty is here to guide you every step of the way.
Let’s Talk! Send us a message, and let’s start planning your next move in Aurora’s dynamic market!
If you found this update helpful, be sure to check back for more market insights!