Hey everyone, Nick Kein with The Kombrink Team at One Source Realty here, your local REALTOR® in Elgin, Illinois. Today, I want to give you a quick market update for June 2024. Whether you're a buyer or seller, this information is crucial for you to stay informed and ahead of the game.
Months Supply of Inventory
Currently, we're looking at 1.14 months of inventory available in the market. What does this mean for you? Well, with less inventory available, buyers may face more competition, while sellers might have the upper hand in negotiations. This low supply creates a dynamic market where quick decisions and strategic planning are essential.
List to Sold Price Percentage
Next up, the List to Sold Price percentage is at 102.1%. This means that on average, homes are selling for slightly above their listing price. It's a great indicator of a strong seller's market in Elgin right now. For sellers, this is a prime time to list your property, as demand is high, and buyers are willing to pay more to secure their dream home.
Median Days on Market
The median days on market is just 11 days. That's incredibly fast! Homes are flying off the market, so if you're a buyer, you'll need to act quickly when you find a property you love. This rapid turnover rate underscores the importance of being prepared and having your finances in order before entering the market.
Median Sold Price
And finally, the median sold price in Elgin is currently $353,000. This is valuable information for both buyers and sellers as it gives you an idea of the current market value of homes in the area. Understanding this median price can help buyers set realistic expectations and assist sellers in pricing their homes competitively.
Conclusion
So there you have it, a quick market update for June 2024 in Elgin, Illinois. If you're thinking about buying or selling a home, now is the time to make a move. The market conditions are favorable, and with the right guidance, you can make the most of these trends.
Reach out to me, Nick Kein, your trusted REALTOR® in Elgin, at 630-405-3855 for personalized advice and guidance. Thanks for reading, and I'll see you in the next update.
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