Welcome to the June 2024 real estate market update for Geneva, Illinois! Whether you're buying or selling, staying informed about the current market conditions can help you make the best decisions. Here’s a detailed look at the latest trends and statistics.

Current Market Overview

Geneva’s real estate market is dynamic and active. Here are the key statistics you need to know:

  • Months Supply of Inventory: 1.31 months
  • List to Sold Price Percentage: 101.4%
  • Median Days on Market: 13 days
  • Median Sold Price: $462,000
Inventory Levels

The Months Supply of Inventory in Geneva is currently at 1.31 months. This figure suggests a very tight housing market, meaning that at the current sales pace, it would take just over a month to sell all the homes currently available. Low inventory levels often lead to increased competition among buyers.

Geneva IL Months Supply of Housing  Inventory June 2024

Strong Sale Prices

The List to Sold Price percentage is an impressive 101.4%. This means that, on average, homes are selling for above their asking prices. This statistic indicates a strong seller's market, where demand is high and buyers are willing to pay a premium to secure their desired property.

Geneva IL List to Sold Price percentage for June 2024

Quick Sales

Homes in Geneva are selling quickly, with a median of just 13 days on the market. This is significantly lower than the national average, highlighting the urgency for buyers to act swiftly when they find a property they love.

Geneva IL Median Days on Market for Homes in June 2024

Healthy Median Sold Price

The median sold price in Geneva is currently $462,000. This reflects a healthy increase in home values, underscoring the desirability and strength of the local real estate market. For investors, this trend indicates a promising opportunity for appreciation.

Median Sold Home Price in Geneva IL for June 2024

What Does This Mean for Buyers and Sellers?

For Buyers:

  • Act Quickly: With low inventory and fast sales, it’s crucial to be ready to move quickly when you find the right home.
  • Be Prepared to Compete: The strong seller’s market means you might face competition and may need to offer above the asking price.

For Sellers:

  • Optimal Time to List: With high demand and homes selling for above asking prices, now is an excellent time to put your property on the market.
  • Quick Transactions: Homes are selling fast, so you can expect a swift process from listing to closing.

Need Assistance?

If you're considering making a move or have any questions about the Geneva real estate market, we're here to help. Reach out to your Geneva IL Real Estate Agents at 630-402-0021 for personalized guidance and expert advice tailored to your needs.

Thanks for reading, and stay tuned for the next market update!

Posted by The Kombrink Team on


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