Bartlett, IL Market Snapshot

Bartlett, IL

Single Family Homes Sales, Prices and Inventory

Each data point is 12 months of activity.

Number of Home Sales

The story of the real estate market in Bartlett is all about inventory. The total number of single family home sales in Bartlett has decreased by over 10% in the past year compared to the number of sales in 2018. Buyer demand appeared to remain strong, especially for homes priced below $300,000, but lack of inventory combined with continued low interest rates meant that there simply weren't enough homes for sale. This is most evident in the nearly 20% drop in the number of homes sold under $300,000.

Average Sales Price

In Bartlett, the average sales price in all categories increased by 2% in the past year. This is less than half that of the 5% average increase in the 2017 to 2018 timeframe.  This should give some encouragement to Millenial and first-time homebuyers who want to purchase a home but have been discouraged by rising prices. On the other hand, sellers should be realistic and rely on local market data to price their homes for sale rather than looking at national reports that show a higher rate of price increases.

Average Market Time

Market time is the number of days that a house was on the market when it went under contract. Over the past year, buyers in Bartlett snapped up homes priced below $300,000, often in multiple offer situations where the winning bid was over list price. Homes priced between $300,000 and $500,000 were on the market an average of just over 3 months before selling.  As in all markets in the western suburbs, a well-priced home in Barlett can sell in a matter of days after being listed.

Average Months Supply

For the past several years Bartlett has been a seller's market  for all but the most expensive homes.

Under 4 months of supply indicates a  seller's market with more active buyers than there are homes for sale, so sellers have the upper hand in pricing and negotiating. More than 7 months of supply shows a  buyer's market with more homes for sale than active buyers, so buyers can expect to negotiate for more favorable deals. A  balanced market with 4 to 6 months of inventory generally has steady sales and prices.

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