Geneva Real Estate Market Update July 2024
Hey everyone, it’s Nick here with the Kombrink Team. Today, I’ve got some exciting market updates for you all in Geneva, Illinois. Whether you're thinking of buying or selling, there’s a lot to unpack. Let’s dive right in.
Current Market Snapshot
As of July 2024, the Geneva real estate market is on fire. Here’s what you need to know:
- 1.75 Month Supply of Inventory: Homes are selling fast! A 1.75 month supply means demand is high and inventory is low.
- Decrease in Inventory: Over the past 12 months, our inventory has decreased by 4.89%. Great news for sellers!
- List to Sold Price Percentage: Sitting at 101.4%. Homes are not just selling quickly, they're going for top dollar.
- Median Days on Market: Just 12 days! If you see a home you love, you need to act fast.
- Median Sold Price: Just under $500,000, showing the strength of our local market.
Why This is Good News for Sellers
If you’re thinking about selling your home in Geneva, now is the perfect time. Here’s why:
- Homes Are Selling Quickly: With a median of just 12 days on the market, your home won’t sit unsold for long.
- Top Dollar Sales: The list to sold price percentage of 101.4% means you’re likely to get more than your asking price.
- Low Inventory: A 1.75 month supply of inventory means less competition, making your home more attractive to buyers.
What This Means for Buyers
For buyers, it’s a competitive market out there. Here’s what you need to keep in mind:
- Act Fast: With homes selling in just 12 days, you need to be ready to make an offer as soon as you find the right place.
- Be Prepared: Work with a real estate agent to get pre-approved for a mortgage and understand your budget.
- Stay Informed: Keep an eye on new listings and be ready to move quickly.
Why Geneva is a Hot Market
Geneva, Illinois, is a sought-after location for many reasons:
- Great Community: Known for its friendly neighborhoods and excellent schools.
- Beautiful Homes: A variety of homes that cater to different tastes and budgets.
- Strong Market: A steady increase in home prices shows a healthy and growing market.
Navigating the Market with the Kombrink Team
Whether you're buying or selling, the Kombrink Team is here to help you navigate this competitive market. Here’s how we can assist:
- Expert Guidance: We provide insights and advice tailored to your needs.
- Market Analysis: Detailed reports to help you understand the market trends.
- Negotiation Skills: We work hard to get you the best deal possible.
Geneva Real Estate Market: Your FAQs Answered
How long do homes stay on the market in Geneva? The median days on market in Geneva is just 12 days, indicating a fast-paced market.
What is the current median sold price in Geneva? As of July 2024, the median sold price in Geneva is just under $500,000.
What does a 1.75 month supply of inventory mean? This means that at the current rate of sales, it would take 1.75 months to sell all the homes on the market. A lower supply indicates a seller’s market.
Why is the list to sold price percentage important? A percentage of 101.4% means homes are selling for slightly more than the list price, highlighting strong buyer demand.
Is it a good time to sell in Geneva? Absolutely. With high demand, low inventory, and rising prices, it’s a great time to sell your home in Geneva.
What should buyers do in a competitive market? Buyers need to act fast, be prepared with pre-approval, and work closely with a real estate agent to stay competitive.
Conclusion
Geneva’s real estate market is thriving. Whether you're a seller looking to cash in on your investment or a buyer eager to find your dream home, the time to act is now. The Kombrink Team is here to help you every step of the way. Reach out to us today, and let's make your real estate dreams a reality.
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