Fox Valley home prices July 16th

Fox Valley home prices July 16th.  I am late posting this blog post because I was enjoying time with my grandkids last week.  Data was downloaded Saturday morning like usual.  I give you the numbers instead of percentages so you can actually see the activity.  I will show you the new listings, closed listings, median prices, financing used, 2022 by the month and how many contracts were accepted by seller’s this week.  We will also show you some good resources you can use for information or help. 

New listings this week were up.  277 this week compared to 257 the previous week.

Closed listings were also up.  241 this week compared to 175 the previous week.

Aurora-New 38 $100,000-$749,900

            Closed-46 $153,000-$870,000

Bolingbrook-New 19 $234,900-$825,000

                   Closed-14 $275,000-$585,000

Geneva-New 10 $195,000-$699,000

            Closed-5 $456,000-$950,000

Montgomery-New 11 $215,000-$484,900

                     Closed-9 $230,000-$375,000

Naperville-New 59 $360,000-$6,000,000

                 Closed-46 $245,500-$1,500,000

Oswego-New 17 $240,000-$1,400,000

             Closed-15 $235,000-$528,419

Plainfield-New 33 $270,000-$875,000

                Closed-23 $255,500-$740,000

St Charles-New 17 $248,900-$950,000

                  Closed-23 $225,000-$1,275,000

West Chicago-New 10 $212,000-$950,000

                       Closed-7 $275,000-$528,000

These are the communities with the most activity.  Look at the picture above for other communities that also had activity but in smaller numbers.

Financing used, median prices and 2,000 SF or more

Median list price this week$400,000, last week $415,000

Closed median price this week $405,200, last week $414,900.

Conventional financing was used to close 175 homes this week at median price $430,000 with 20 days average market time, last week 120 homes at median price $440,000 with also 20 days average market time.

Cash was used to close on 24 homes this week at median price $396,000 with 39 days average market time, last week also 24 homes at median price $402,500 with 31 days average market time.

FHA financing used to close on 28 homes at median price $317,500 with 13 days average market time, last week 22 homes at median price $325,000 with 22 days average market time.

VA financing was used to close on 13 homes at median price $399,900 with 16 days average market time, last week 8 homes at median price $407,500 with 9 days average market time.

Homes that were at least 2,000 square feet or more closed on 157 homes at median price $498,000 with 18 days average market time, last week 106 homes at median price $472,500 with 20 days average market time. Minimum price this week $299,000, last week $229,000.

Contracts accepted this week

Contracts accepted this week were up.  245 this week compared to 190 the previous week.

Aurora-37                          Bolingbrook-17

Naperville-49                     Oswego-12

Plainfield-32                      St Charles-15

No short sales were accepted by seller’s this week.  If you are having trouble you might be able to sell and not have to sell short in this market.

Seller’s accepted contracts that are contingent on the buyer closing on their current home.  5 with a kick-out clause of 72 hours, 2 with 48 hours, and 3 with 24 hours.

Also, seller’s accepted contracts that are contingent on the buyer selling and closing on their current home.  5 with a kick-out clause of 72 hours, 1 with 48 hours, and also 1 with 24 hours.

Median price for homes that went under contract this week $385,000 with 33 days average market time, last week median price $375,000 with 28 days average market time.

2022 by the month

Month        New   Closed   Contracts accepted

January          422        492             623

February        523        520             724

March            734        904             890

April             1168        966            1334

May              1101         893             806

June            1295       1409           1234

July              534         416             435   

Totals      5777    5600       6046

It is still a tight market.  When new listings start to exceed closed by a wider margin prices will continue to rise.

Check back with us every Saturday for the real estate market update for the Fox Valley area of Illinois.  At the end of the month we will also look back at 2021 and 2020 so you can compare and see how this year is going.

Resources 

Click on anything that is highlighted and underlined to take you to the site for the information.  If there is other information that you are looking for just let us know so we can point you in the right direction.

• Loans and the process
• VA loans and the requirements
• Current interest rates
• Down payment assistance
• IHDA programs
• Home valuation request
• Sign-up for email alerts
• Search for a home today

Check with your loan officer to see what interest rate you will be offered.  It depends on your credit score.  If you need to work on your score to bring it up they can help you with that.

We will provide you with a net proceeds when you request a home valuation.  This shows you the expenses to sell.  This will be updated when an offer comes in and we know all the terms so you can make a good decision.

If you are thinking about buying a home get all your financial information together, and get it to your loan officer, so they can put you through underwriting so you can get approved before even looking at homes.  You will know that you qualify for the homes that you are looking at,  and the seller will not worry about accepting your offer knowing that you have already gone through the process.  As long as the home appraises out and title work is done it will close.  Waiting until a week before closing to find out you are approved is crazy.

Contact us

Call us at 630-503-6555 with all your real estate questions.  Your goal is our goal.  We will do everything we can to help you reach your goal.

If you need recommendation for loan officers, real estate attorneys or home inspectors we can recommend a few and you choose who you want to work with.

All data is from our MLS.  MRED, LLC.  It was downloaded Saturday morning.  After the download the numbers change continuously throughout the day as agents upload their new listings, price changes, contract pending and closed homes.

Fox Valley home prices July 16th.  Have an awesome week!

Kristine Heiman, SRS, SFR, SRES, AHWD

Designated Managing Broker

Best Homes Fox Valley

200 Webster St

Montgomery, IL 60538

630-503-6555 ext 101