The Kombrink Team at One Source Realty is thrilled to bring you exciting news from the Bartlett, Illinois real estate market. As your go-to REALTOR®s in the area, we’ve been keeping a close eye on the local housing trends, and right now, it’s nothing short of extraordinary. Whether you’re thinking about buying or selling, September 2024 is proving to be the perfect time to make your move.
In this post, we’ll dive into all the key stats and trends that are shaping the Bartlett market this month. From low inventory to rising prices, homes in Bartlett are selling faster than ever—and sellers are getting exactly what they ask for, if not more!
So let’s break down what this means for buyers, sellers, and everyone interested in real estate in Bartlett.
Bartlett’s Real Estate Market is Booming in September 2024
Bartlett, Illinois, has always been a desirable community for homebuyers, but this month, the market is on fire like never before. It’s a time of low inventory and high demand, leading to fast sales, competitive prices, and an overall hot market. Let’s dive deeper into the details of what’s making this September such a phenomenal time for real estate in Bartlett.
A Record-Low 1.75 Months Supply of Inventory
One of the most telling indicators of the current real estate climate in Bartlett is the Months Supply of Inventory (MSI). In real estate terms, this metric reflects how long it would take for all homes currently on the market to sell, assuming no new listings are added. A balanced market typically has around a 5 to 6 months supply of inventory. But in Bartlett? We’re sitting at a historically low 1.75 months supply.
This means homes are selling incredibly fast—there simply aren’t enough listings to meet the buyer demand. For sellers, this is a huge advantage. If you’ve been considering selling your home, now is the time to act. With such limited inventory, competition among buyers is fierce, and sellers are reaping the rewards.
Homes Are Selling at 100.7% of List Price
It’s not just the speed of the market that’s impressive—the prices are, too. The List to Sold Price percentage in Bartlett is currently at 100.7%. This means that, on average, homes are selling for slightly more than their original listing price. For sellers, this is the ultimate win. You can expect to get top dollar for your home, and in many cases, buyers may even be willing to pay above asking price to secure their dream property.
In a competitive market like this, buyers need to be prepared to act quickly and decisively. With homes selling for over the listing price, there’s little room for negotiation. Buyers who are serious about purchasing a home in Bartlett should be ready to make strong offers right from the start.
Median Days on Market: Just 7 Days!
If you’re thinking that homes in Bartlett are lingering on the market for weeks or months, think again! The median days on market (DOM) for homes in Bartlett is just 7 days. That’s right—most homes are going from listed to under contract in only a week.
This speed is indicative of the strong buyer demand in the area. Homes are moving quickly, and buyers who hesitate may find themselves missing out on their ideal home. For sellers, this fast pace means you won’t have to wait long to see your home sold. If you’re ready to list your home, the current market conditions ensure you’ll likely see a quick and successful sale.
Median Sold Price in Bartlett: $390,000
Prices in Bartlett have been steadily rising, and the current median sold price is a robust $390,000. This figure represents a healthy and stable market, where homes are not only selling quickly but also at strong price points. For sellers, this means you can expect a substantial return on your investment.
For buyers, it’s essential to recognize that while the market is competitive, it’s also a great time to invest in a home. With home values continuing to rise, purchasing a property now could be a smart long-term decision. The increasing demand and rising prices indicate that the value of Bartlett homes is likely to appreciate further, making it an excellent time for buyers to enter the market.
Why Now is the Perfect Time to Buy or Sell in Bartlett
Whether you’re buying or selling, the Bartlett real estate market offers unique opportunities right now. For sellers, low inventory, high demand, and fast sales create an ideal environment to list your home and get top dollar. With the median days on market at just 7 days and a list-to-sold price ratio of over 100%, you’re almost guaranteed a quick and profitable sale.
For buyers, while the market is competitive, acting now could secure you a home before prices rise even further. With homes moving fast, it’s crucial to be prepared, work with a knowledgeable real estate agent, and make strong offers to ensure you don’t miss out on your dream home.
At The Kombrink Team, we’re here to help you navigate this exciting market. Whether you’re a first-time homebuyer or an experienced seller, our team of expert REALTOR®s has the local knowledge and experience you need to make informed decisions and achieve your real estate goals.
What Should You Do Next?
The Bartlett real estate market is hotter than ever, and now is the time to take advantage of it. Whether you're looking to sell your home quickly and at a great price or hoping to buy a property in a market with appreciating value, we’re here to guide you every step of the way.
Contact The Kombrink Team at One Source Realty today and let’s get started on making your real estate dreams a reality. Our local expertise, combined with our passion for helping clients, makes us the best choice for navigating the Bartlett market. Don't wait—homes are selling fast, and the opportunity to buy or sell in this hot market won't last forever.
Thanks for tuning in, and we look forward to helping you with all your real estate needs in Bartlett, Illinois. Stay tuned for more updates, and we’ll see you in the next market report!
FAQs
How long will homes continue to sell this fast in Bartlett?
It’s difficult to predict exactly how long the market will stay this hot, but given the current low inventory and high demand, we expect these trends to continue for at least the next few months.
Is it a good time to sell my home in Bartlett?
Absolutely! With a low 1.75 months supply of inventory and homes selling for over 100% of their list price, sellers are in an excellent position to get top dollar for their homes.
What should I do if I want to buy a home in Bartlett?
If you’re looking to buy, it’s important to act quickly. Work with an experienced REALTOR® who can help you navigate the competitive market and make strong offers that will stand out to sellers.
Why are homes selling so fast in Bartlett?
The combination of low inventory, high demand, and attractive home prices has created a perfect storm for fast sales. Buyers are eager to secure homes, and there simply aren’t enough listings to meet the demand.
What’s driving the increase in home prices in Bartlett?
Rising demand, coupled with limited inventory, has driven home prices higher. Bartlett is a desirable community with excellent amenities, making it a hot spot for homebuyers.
How can The Kombrink Team help me with buying or selling a home?
Our team of experienced REALTOR®s knows the Bartlett market inside and out. We’ll guide you through every step of the process, whether you’re buying or selling, and help you make the best possible decisions to achieve your goals.
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