Geneva, IL Market Snapshot
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 Geneva is entirely about inventory. The total number of single family home sales in Geneva has dropped significantly from the record-setting number of sales in 2018. Due to low inventory and continued low interest rates, there simply hasn't been enough homes available to meet buyer demand.
Average Sales Price
In Geneva, the average sales price in all categories increased by just over 4% in the past year. Lower-priced homes sold for about 2% less in the past year which should give some encouragement to Millenial and first-time homebuyers who would like to purchase a home but have been discouraged by rising prices. Sellers of higher-priced homes have enjoyed a significant increase in the average sale prices. In the coming year, they should rely on local market data to price their homes 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 is on the market when it goes under contract. Over the past year, homes priced below $300,000 went under contract in an average of just under 90 days, while homes priced over $500,000 are on the market an average of 120 days before selling. But even within the higher price categories, a well-priced home in great condition can sell in a matter of days after being listed.