Fox Valley home prices July 2nd

Fox Valley home prices July 2nd.  This week in addition to New listings, closed listings, contracts accepted, median prices we will also take a look back at 2021 and 2020 so you can see how this year is going.  The majority of this week was in June so we will count it in with June totals.

New listings this week were down significantly.  207 this week compared to 295 the previous week.

Closed listings this week were up significantly.  344 this week compared to 224 the previous week.  The end of the  month is when most buyer’s want to close.

Take a look at the communities with the most activity this week:

Aurora-New 31 $125,000-$524,000

             Closed-39 $140,000-$555,000

Bolingbrook-New 21 $235,000-$589,000

                      Closed-34 $170,000-$780,005

Geneva-New 9 $320,000-$610,000

              Closed-15 $365,000-$690,000

Montgomery-New 3 $150,000-$399,900

                       Closed-13 $235,000-$370,000

Naperville-New 35 $369,000-$2,850,000

                  Closed-71 $325,000-$1,415,000

Oswego-New 17 $230,000-$482,990

               Closed-17 $345,000-592,500

Plainfield-New 26 $235,000-$749,900

                 Closed-45 $211,000-$702,590

St Charles-New 11 $270,000-$2,899,900

                  Closed-28 201,800-$2,300,000

West Chicago-New 4 $300,000-1,150,000

                       Closed-13 $148,000-$565,000

Yorkville-New 15 $309,000-$629,000

                Closed-7 $343,490-$530,000

You might want to look at communities with less activity.

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

Median list price this week $404,900, last week $425,000

Closed median price this week $420,000, last week $408,999

Conventional financing used to close 251 homes this week at median price $450,000 with 19 days average market time, last week 163 homes at median price $450,000 with 13 days average market time.

Cash was used to close on 46 homes at median price $399,000 with 17 days average market time, last week 24 homes at median price $405,999 with 16 days average market time.

FHA financing was used to close on 37 homes at median price $327,500 with 17 days average market time, last week 27 homes at median price $306,050 with 11 days average market time.

VA financing was used to close 7 homes at median price $428,000 with 17 days average market time, last week 9 homes at median price $365,000 with 14 days average market time.

Homes that were at least 2,000 square feet or more closed on 222 homes this week at median price $510,000 with 19 days average market time, last week 131 homes with median price $516,000 with 13 days average market time. Minimum price this week was $125,000, last week $175,000.

Contracts accepted this week

Contracts accepted this week were down.  225 this week compared to 256 the previous week.

Look at the communities seller’s accepted the most contracts this week:

Aurora-41                           Batavia-10

Bolingbrook-18                   Geneva-12

Naperville-28                     Oswego-15

Plainfield-23                      St Charles-21

No short sales were accepted by sellers this week.

Seller’s accepted contracts this week that were contingent on the buyer closing on their current home.  4 with a kick-out clause of 72 hours, 7 with 48 hours and 1 with 24 hours.

Also, seller’s accepted contracts that are contingent on the buyer selling and closing on their current home.  2 with a kick-out clause of 72 hours and also 2 with 48 hours.

Median price of homes that went under contract this week $400,000 with 23 days average market time, last week $375,000 with 22 days average market time.

2022 by the month and a look back at 2021 and 2020

2022

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

Totals            5234    5184          5611

2021

January                  543        649                 829

February                561         604                 778

March                    993       1099                1455

April                     1006        926                1387

May                      1088       1288                1289

June                     1450       1686                1671

Totals            5641    6252          7409

2020

January                1105        566                 858

February              1267       529                1024

March                   1186       707                1079

April                      648       786                  775

May                      1352      1010                1444

June                     1232       908                1534

Totals            6790   4506          6714

2020 was the best year for New listings, and 2021 was best for closings. 2022 was the lowest for new listings.  Inventory has steadily decreased each year.  You can see why prices have increased the way they have.

Check back with us every Saturday for the Fox Valley area of Illinois real estate market update.

Resources

Everything that is bold and underlined click on so it will take you to the site for the information.

• Types of loans and the process
• VA loans and the requirements
• Current interest rates
• Down payment assistance
• IHDA programs

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

Request a home valuation if you are thinking about selling your home.  Tell us a little bit about your home and what has recently been updated.  We will give you and estimate of what it will sell for in today’s market. Also, we will give you a net proceeds that shows you the expenses to sell.  This will be updated when an offer comes in and we know all the terms.

If you are thinking about buying a home this year get all your financial information to a loan officer that will put you through underwriting and get you approved for a loan before you even start looking.  Then you will know that you are looking at the right priced homes.  You will be able to close quicker and the seller will be more comfortable about accepting your offer knowing that you have already gone through the process.  You can sign up for email alerts so you don’t miss out on any homes that come on the market.

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.

All data provided today is from our MLS.  MRED, LLC.  It is continuously updated as agents upload their information.

Fox Valley home prices July 2nd.  Have a happy and safe 4th of July!

Kristine Heiman, SFR, SRS, SRES, AHWD

Designated Managing Broker

Best Homes Fox Valley

200 Webster St

Montgomery, IL 60538

630-503-6555 ext 101

Search for a home today!