Geneva, IL Market Snapshot

Geneva, 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 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.

Average Months Supply

For the past several years Geneva has been a strong seller's market for all but the most expensive homes. The inventory of homes priced over $500,000 was about 11 months and 14 months for homes priced over $700,000, which indicates that there are far more luxury homes for sale than there are buyers.

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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