Wondering what’s happening in the North Aurora real estate market?
Thinking about buying or selling but not sure if now’s the right time?
Hey everyone, I’m Kris with The Kombrink Team at One Source Realty, your local REALTOR® team in North Aurora, Illinois.
Today, I’m breaking down the latest market update for August 2024.
So whether you’re a buyer, seller, or just curious about what’s going on, stick around.
Let’s dive right in.
Current Market Overview in North Aurora
2.2 Months Supply of Inventory
Here’s where we’re at with inventory.
Right now, North Aurora has a 2.2 Months Supply of Inventory.
But what does that really mean?
Simply put, if no new homes were listed starting today, it would take just over two months to sell everything currently on the market.
That’s a decent amount of inventory for buyers to choose from.
But here’s the kicker.
Over the past year, the Months Supply of Inventory has increased by 48.6%.
Yeah, you read that right.
This sharp increase suggests that more homes are coming onto the market, which is good news for buyers looking for more options.
For sellers, though, it means you’ve got a bit more competition out there.
List to Sold Price Percentage at 100.9%
Now, let’s talk about pricing.
The List to Sold Price percentage in North Aurora is currently sitting at 100.9%.
What does that mean for you?
If you’re a seller, this is fantastic news.
Homes are selling for just about what they’re listed for, and sometimes even a little more.
Buyers are clearly willing to pay top dollar to get the home they want in this market.
If you’re a buyer, this tells you that lowball offers probably aren’t going to fly.
You’ve got to be ready to come in strong if you want to secure the home of your dreams.
Homes Selling in Just 10 Days
Speed is the name of the game right now.
The median days on market in North Aurora is just 10 days.
That’s right, homes are selling in just a little over a week.
For sellers, this is the perfect storm.
You’re likely to sell your home quickly and for a great price.
For buyers, though, it means you’ve got to move fast.
When you find something you like, don’t sit on it—make your move.
Median Sold Price at $460,745
Finally, let’s talk about what homes are actually selling for.
The median sold price in North Aurora is $460,745.
That’s a solid number that shows the overall health of the market.
For sellers, this means you can expect to get a great price for your home.
For buyers, it gives you a clear idea of what the market is looking like and what you’ll need to budget for.
What This Means for Buyers and Sellers in North Aurora
So, what does all this mean for you?
For Sellers:
- Inventory is rising, but demand is still strong.
- Homes are selling quickly, so you won’t be waiting around for the right offer.
- Expect to get close to, if not above, your asking price.
For Buyers:
- More inventory means more choices, but you’ve still got to act fast.
- Homes are selling at list price or higher, so be prepared to make competitive offers.
- The median price gives you a clear benchmark for what homes in North Aurora are currently worth.
Thinking About Buying or Selling in North Aurora? Here’s What to Do Next
If you’re considering buying or selling in North Aurora, now is a great time to make a move.
The market is active, and whether you’re looking to cash in on your home’s value or find your next property, the timing is right.
But don’t go it alone.
At The Kombrink Team, we’ve got the experience and local knowledge to help you navigate this market with confidence.
Whether you’re buying or selling, we’re here to guide you every step of the way.
So if you’ve got questions or need a little advice, don’t hesitate to reach out.
We’re always here to help.
Frequently Asked Questions
What does "Months Supply of Inventory" mean?
It’s a measure of how long it would take to sell all the homes currently on the market if no new ones were listed. A lower number means a seller’s market, while a higher number can indicate a buyer’s market.
Why is the List to Sold Price percentage important?
This percentage shows how close homes are selling to their asking price. A percentage above 100% means homes are selling for more than their list price, which is a strong indicator of demand.
Is 10 days on the market typical?
In a competitive market like North Aurora’s, yes. Homes are moving quickly, so both buyers and sellers need to be prepared for fast-paced transactions.
Should I be concerned about the increase in inventory?
Not necessarily. While more inventory means more competition for sellers, it also means more options for buyers. It’s all about timing and strategy.
Is $460,745 a typical price for a home in North Aurora?
Yes, the median price gives a good snapshot of the current market. It’s a strong number that reflects the overall value of homes in the area.
How can I make a strong offer in this market?
Work with an experienced REALTOR® who knows the local market. Have your financing in order, and be prepared to act quickly with a competitive offer.
Conclusion
The North Aurora real estate market is buzzing right now, and there’s plenty of opportunity whether you’re buying or selling.
With a rising inventory, fast sales, and strong pricing, now’s a great time to make your move.
If you’re ready to jump in, or just want to explore your options, reach out to The Kombrink Team.
We’re here to help you make the most of the current market and achieve your real estate goals.