Hey there, welcome back! We're The Kombrink Team at One Source Realty, your local Realtor team here in Geneva, Illinois. Today, we've got some exciting market updates for you all. Let’s dive right in, shall we?
Decrease in Inventory Sparks Rapid Market Movement
We currently have a 1.25 Months Supply of Inventory here in Geneva. That's a significant decrease of 42.92% over the last 12 months, indicating that the market is moving fast and properties are selling quicker than ever before. For buyers, this means heightened competition, so you'll need to act swiftly to secure your dream home.
Sellers Achieving Premium Prices
One standout statistic this month is the List to Sold Price percentage, which is sitting at a whopping 100.6%! This means sellers are getting top dollar for their homes, making it an ideal time to sell if you've been on the fence. Sellers can expect to achieve or even exceed their asking prices, reflecting the strong demand in the market.
Homes Selling Quickly
The median days on market is a mere 18 days, showcasing just how hot the market is right now. Homes are practically flying off the shelves, so if you’re a buyer, it’s crucial to move quickly when you find a home you love. This rapid pace underscores the dynamic nature of the Geneva IL real estate market.
Strong and Rising Home Values
Finally, the median sold price in Geneva is currently $494,500. This robust median price demonstrates that home values are strong and continuing to rise, making it a great investment opportunity for both buyers and sellers. The appreciation in home values highlights the stability and growth potential of the Geneva real estate market.
Why Now is the Perfect Time to Act
So there you have it, folks - the latest market updates for Geneva, Illinois. If you're thinking about buying or selling in this area, now is the time to make your move. The market conditions are favorable, with low inventory, high demand, and strong home values.
Ready to Make Your Move?
Feel free to reach out to us for any questions or assistance. We're here to help you navigate the market and achieve your real estate goals.
By staying informed with these market updates, you can make the most of the exciting opportunities available in Geneva IL real estate.