How is the Yorkville, IL real estate market doing?

In the Yorkville real estate market, there are several important metrics that can provide valuable insights for both buyers and sellers. Let's take a closer look at the correlation between these metrics to help you understand the current market trends and make informed decisions.

Firstly, the "Months Supply of Inventory" is a key indicator that measures the number of months it would take to sell all the current homes for sale in Yorkville, IL if no new properties were added to the market. In this case, the months supply of inventory stands at 2.5, which suggests a relatively low supply of homes compared to the demand.

The "12-Month Change in Months of Inventory" indicates the percentage change in the months supply of inventory compared to the previous year. With a negative change of -13.19%, it implies that the supply of homes for sale in Yorkville, IL has decreased over the past year. This decline in inventory could potentially lead to increased competition among buyers.

Another important metric is the "Median Days Homes are On the Market," which represents the average number of days it takes for a home to sell. With a median of just 18 days, it indicates a fast-paced market where properties are being snapped up quickly. This suggests that if you're a seller, you might expect a relatively faster sale of your property.

The "List to Sold Price Percentage" is a metric that reveals the average percentage of the listing price that homes are actually selling for. In this case, the percentage is 100.2%, which means that, on average, homes are selling slightly above their listed price. This can be seen as a positive indicator for sellers, as it shows that buyers are willing to pay more for the properties.

Lastly, the "Median Sold Price" provides an overview of the average price at which homes are selling. Currently, the median sold price stands at $401,000 for single-family homes in Yorkville. This figure reflects the midpoint of all the home prices, indicating the general price range in the market. Buyers can use this information to understand the prevailing market value and make informed decisions about their budget.

Overall, these metrics suggest a market with low inventory, high demand, and a relatively quick sales process. Sellers can take advantage of the low supply and higher selling prices, while buyers need to act swiftly and potentially be prepared to pay above the listed price. Understanding these correlations and reaching out to a Yorkville, IL Realtor can help both buyers and sellers navigate the real estate market more effectively.