Are you shopping for a home in DuPage, Will, or Kane County, Illinois? Whether you're a prospective buyer, seller, or just curious about the local market, understanding these trends can help you make informed decisions. Join us as we delve into the critical aspects of our local Illinois home buying market so far in 2024.
Home Values: A Steady Climb
In recent years, home values in DuPage, Will, and Kane Counties have consistently been on the rise, according to our data sourced from RedFin. This growth is driven by several factors, including solid local economies, excellent school districts, and a high quality of life that continues to attract new residents.
- DuPage County: As of June 2024, home values have appreciated steadily, with the median home price currently around $435,000. This marks a year-over-year increase of approximately 10.5%.
- Will County: Similarly, Will County has witnessed growth in home values, with the median price at about $365,000 as of June 2024, reflecting a 10.6% rise from last year.
- Kane County: Kane County's housing market has also strengthened, with median home prices reaching $380,000 as of June 2024, a 7% increase compared to the previous year.
These increases are above the national average year-over-year increase of 4% also reported by RedFin. This highlights the robust demand and limited supply, indicating that these counties are desirable places to buy homes!
Market Duration: How Long Homes Are on the Market
The time homes spend on the market is crucial to determining the housing market's health. Recently, RedFin reported that homes in our community are selling faster than in previous years, reflecting high buyer demand and competitive market conditions.
- DuPage County: On average, homes are on the market for about 44 days before being sold as of June 2024. This number increased slightly over the past year, compared to home being on the market for an average of 45 days this time last year.
- Will County: Homes in Will County typically spend around 46 days on the market as of June 2024. While slightly more extended than DuPage, this duration still indicates a brisk sales pace despite being 43 days this time last year.
- Kane County: The average market time in Kane County is about 45 days. This rapid selling period underscores the strong buyer interest in the area and remains the same as it did as of this time last year.
With the average home on the market for 50 days nationally according to the Federal Reserve Bank of St. Louis (FRED), these numbers indicate homes in our community are selling slightly faster than those nationwide.
Pricing Trends: Above or Below Asking Price?
Pricing trends offer valuable insights into buyer behavior and market conditions. In DuPage, Will, and Kane Counties, Rocket Homes reported homes are frequently selling at or above the asking price, suggesting a seller's market.
- DuPage County: Many homes are being purchased above the asking price, with bidding wars becoming increasingly common. As of July 2024, 52% of homes sold in DuPage County were sold above the asking price, and 15% were sold at the asking price.
- Will County: While the market is competitive, 47% sold in Will County in July 2024 were sold over the asking price, and 20% were sold at the asking price. This indicates the market may be slightly less competitive than DuPage.
- Kane County: Kane County also sees many homes selling over the asking price, with 49% of homes sold in the area above the asking price in July 2024. Additionally, 20% of the homes sold in Kane County during this time were sold at the asking price.
Additionally, RedFin reports that in June 2024 35% of homes across the country were sold above asking price, but this number is saw a decline of 4% compared to this time last year.
Navigating the Market
The housing markets in DuPage, Will, and Kane Counties are dynamic and competitive. Rising home values, quick market durations, and homes selling above the asking price all point to robust local economies and high demand for housing. For buyers, it's essential to act swiftly and be prepared for competition. For sellers, this market offers an excellent opportunity to maximize returns. Stay informed about these trends to navigate the market effectively and make the best home buying decisions.
Don't navigate this competitive market alone. Reach out to our Mortgage Specialists today and take the first step toward your new home. We offer Bridge Loans to help you buy before you sell, a First Time Homebuyer Program to help first time buyers get their mortgage for less, and other competitive rate mortgage options. Let's turn your homeownership dreams into reality!