Then and Now – A 10-Year Comparison
The West Chicago real estate market has seen tremendous shifts over the past decade. Looking at the data from December 2013 and December 2024, we can see notable trends in home prices, market activity, and housing inventory. Let’s break it down and see what this means for both buyers and sellers.
Market Overview: December 2013 vs. December 2024
Key Takeaways from the Market Shift
- Home Values Have Skyrocketed: The median sales price has increased by 157.8% over the past decade. In 2013, the median home price was just $143,500, whereas in 2024, it reached $370,000. This means sellers have gained substantial equity, making now a great time to cash in.
- Faster Home Sales: Homes are selling significantly faster than they did 10 years ago. The average market time has dropped by 65.6%, from 125 days in 2013 to just 43 days in 2024. This is excellent news for sellers who want a quicker transaction.
- Inventory is Tight: The number of homes available for sale has dropped by 80.9%, meaning there’s far less competition for sellers. Fewer listings mean buyers are competing more for homes, often leading to strong offers.
- Sellers Are Getting More for Their Homes: In 2013, sellers were receiving about 88.6% of their original list price. Now, they’re getting 99.1%, showing that buyers are willing to pay close to (or above) asking price.
What This Means for You
If you’ve been thinking about selling your home in West Chicago, now is the time! With low inventory, high demand, and rising home values, you have a fantastic opportunity to maximize your profit.
Ready to sell? Let’s chat! Contact Carrie Little at 630-405-8995 or visit bit.ly/listwithcarrietheagent for a FREE market analysis.
Don’t wait—this market is moving fast, and your home could be worth more than you think!
Carrie J. Little, Designated Managing Broker – [email protected] 630-405-8995
source: InfoSparks – https://smyl.mredllc.com/lmu