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State of the St Charles Real Estate Market

By
Real Estate Agent with RE/MAX All Pro 475.102921

Real Estate Market Update for St Charles, IL

market update

The St Charles real estate market favors home buyers this July.  Looking at several key real estate statistics for the month; including current housing inventory, median sales price and supply, the market is definitely favoring buyers.

HOUSING INVENTORY

  • Inventory is down 2.5% over last year with 543 homes currently for sale in St Charles.  There's good news here for both buyers and sellers.
  • For home buyers, the inventory is relatively unchanged so as you'll see, home prices have not gone up.  The price you'll pay is the same as last year, though interest rates are on the rise.
  • Good news for home sellers in that we saw decreases in short sales (down 64%), bank-owned properties (down 32%) and new construction (down 7%).  Competition from lower priced distressed properties is easing as is the draw new construction brings.

SUPPLY

  • We're currently in a buyers market as we have 6.7 months of inventory in St Charles.  For a normal market we'd like to see 5 months of inventory.
  • This 19.6% increase in supply over last year is good news for buyers as there are more homes to choose from and sellers are more flexible on price as a result.

MEDIAN LIST PRICE

  • Median list price in St Charles is up 5.6% year-over-year to $369,450.  This is likely a result in the decrease of distressed properties on the market.
  • This could be good news for sellers if supply dwindles and buyers are willing to pay close to asking price.

MEDIAN SALE PRICE

  • The year-over-year median sale price in St Charles is unchanged at $280,000.  Again, this would indicate that it is indeed a buyers market and sellers are having to lower their expectations to compete with the quantity of inventory.
  • Good news for buyers again as the only increase in prices have been a result of interest rate hikes.

HOME SALES

  • Home sales in St Charles are only down .5% year-over-year with 951 homes closed in the last 12 months.
  • This is good news if your home is currently on the market as it indicates a continued demand for housing in St Charles.

If you're looking to buy, or sell, a home in St Charles, IL give us a call at (630) 488-3300 and we'd be happy to answer any of your questions.  With a full-service team of local experienced agents, we have the knowledge to help make your real estate dreams a reality.

Posted by

Matt Kombrink Broker, CDPE, SFR
RE/MAX All Pro
St Charles, Illinois
(630) 488-3300

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