How is the Oswego, IL real estate market doing?

When it comes to understanding the Oswego, Illinois real estate market, several key metrics can provide valuable insights for both buyers and sellers. Let's take a closer look at how these metrics correlate and what they mean for you.

Firstly, one important metric is the "Months Supply of Inventory," which currently stands at 1.32 in Oswego. This metric measures the number of months it would take for all current listings to be sold, given the current pace of sales. A lower number indicates a seller's market, where demand exceeds supply, leading to potentially higher prices and quicker sales.

In this case, the 1.32 months supply of inventory suggests a limited supply of homes for sale in Oswego, IL compared to the level of demand. As a result, sellers may have an advantage, as there are fewer options for buyers to choose from, potentially leading to faster sales and potentially higher sale prices.

To further understand the market dynamics, let's consider the "12-Month Change in Months of Inventory," which indicates how this supply-demand balance has evolved over the past year. With a decrease of 18.01%, this suggests a significant decrease in the available homes for sale in Oswego compared to the previous year. This decline further reinforces the idea of a seller's market, with even fewer options for buyers to consider.

Moving on, the "Median Days Homes are On the Market" is another crucial metric. Currently standing at 13 days, this represents the median duration it takes for a home to sell once it's listed. A shorter median time indicates a faster-moving market, again pointing towards a seller's advantage. Sellers can expect their properties to attract attention and receive offers relatively quickly.

In terms of pricing, the "List to Sold Price Percentage" is an essential metric to consider. Currently at 100.8%, this indicates that, on average, homes for sale in Oswego, IL are selling slightly above their listed price. This suggests that buyers are willing to pay a premium to secure a property in this competitive market. Sellers can feel confident that they have the potential to receive offers at or above their listing price.

Lastly, let's talk about the "Median Sold Price," which currently stands at $387,500. This metric represents the middle price point of all the homes sold during a specific period. It provides a snapshot of the overall market's price range. In this case, the median sold price indicates that homes in this area generally sell for around $387,500, though individual prices may vary.

In summary, the correlation between these real estate metrics demonstrates a strong seller's market. With a low months supply of inventory, a significant decrease in available homes compared to the previous year, quick median days on the market, and properties selling above their listed price, sellers are likely to benefit from the current market conditions. However, buyers should be prepared to act swiftly and potentially pay a premium in order to secure a property. Whether you are a buyer or a seller, you should reach out to an Oswego, IL Realtor for help navigating your real estate transaction.