Hey everyone, it's your local REALTOR® here in Geneva, Illinois. Whether you are looking to buy or sell a home, staying informed about the latest real estate trends is crucial. In this February 2025 market update, I’ll walk you through key housing statistics to help you make the best decisions in today’s market.
Geneva, IL Housing Market Trends
1. Months Supply of Inventory
Currently, Geneva has 0.8 Months Supply of Inventory. This means that if no new homes were listed, all available properties would be sold in less than a month. A supply this low indicates a strong seller's market, as there are far more buyers than available homes. Over the past year, the Months Supply of Inventory has decreased by 45%, emphasizing the high demand for housing in our area.
2. Sold to List Price Percentage
The Sold to List Price ratio in Geneva is sitting at 96%. This means that homes are selling very close to their asking price, reinforcing the competitive nature of the market. Sellers can expect strong offers, and buyers should be prepared to act quickly and competitively.
3. Median Days on Market
Homes in Geneva are selling fast, with a median of just 11 days on the market. If you are a buyer, this means you should be ready to make quick decisions when you find a home you love. Having a pre-approval letter and working with a knowledgeable REALTOR® can give you an edge in this fast-paced market.
4. Median Sold Price
The median sold price in Geneva currently stands at $478,000. This gives both buyers and sellers a solid benchmark when considering home values in the area.
What This Means for Buyers and Sellers
For Sellers:
-
High demand means you can expect competitive offers.
-
Homes are selling quickly, reducing the stress of extended listing periods.
-
Pricing strategically is key to maximizing your return.
For Buyers:
-
Act fast when you find a home you love.
-
Be prepared to offer close to the asking price.
-
Work with a REALTOR® to navigate the competitive market effectively.
Need Help Navigating the Market?
If you have any questions or need assistance buying or selling a home in Geneva, we're here to help! Feel free to reach out to us at 630-402-0021. Let’s make your real estate goals a reality.
FAQ: Geneva, IL Real Estate Market
1. Is now a good time to sell my home in Geneva?
Yes! With low inventory and high demand, sellers are in a strong position to receive competitive offers and sell their homes quickly.
2. How can buyers compete in a fast-moving market?
Buyers should get pre-approved for a mortgage, work with an experienced REALTOR®, and be ready to act quickly when they find the right home.
3. What does the low Months Supply of Inventory mean?
It means there are fewer homes available than the number of buyers looking. This creates a seller’s market, often leading to quicker sales and higher offers.
4. How much should I expect to pay for a home in Geneva?
The median sold price is $478,000, but this varies based on location, home size, and features. Working with a REALTOR® can help you find the right home within your budget.
5. What if I’m not ready to buy or sell yet?
That’s okay! Staying informed is a great first step. When you’re ready, we're here to help you navigate the process smoothly.
For more updates, stay tuned, and don’t hesitate to reach out if you need expert real estate advice. See you in the next update!