Current Geneva IL Real Estate Market Update
Geneva IL real estate is starting to stabilize and promise good things for both home buyers and sellers.
Signs are looking bright for home buyers and sellers in the Geneva IL real estate market.
After the bubble burst things have kind of been all over the place.
Most recently, housing inventory went from sky high to the bottom of the barrel. With more consumer confidence, owners are once again putting their home on the market and finding there are in fact buyers out there.
The following data was pulled from Midwest Real Estate Data, our local MLS, on Wednesday, July 13, 2016.
- There are 162 homes for sale in Geneva.
- Geneva currently has 5.1 months of housing inventory. This means we're neither in a sellers market or buyers market. We're stable and real estate transactions favor both parties.
- On average, it is taking 89 days for a home in Geneva IL to go under contract. Different price ranges vary so keep that in mind when timing the sale of your home.
- 78 homes closed in Geneva during the month of June. This is the highest number in over 8 years and represents a 21.9% increase over June, 2015.
- The average home in Geneva is going on the market priced at $420,851.
- The average sales price is at $360,795 which is a hair lower than last year but up 12% over the low in December, 2011.
*These figures represent resale detached single family homes and do not include distressed or bank-owned properties. They use a rolling 12 month formula where each figure represents the previous 12 months of activity.
Moral of the story - now IS a great time to purchase or sell a home in Geneva. If you want to find out how to leverage current Geneva IL real estate conditions, give us a call today at (630) 488-3300.
This article was originally posted at kombrink.com on Wednesday, July 13th, 2016.