Happy New Year, Kankakee County residents! As we bid farewell to 2023 and welcome 2024 with open arms, it's the perfect time to reflect on the local real estate landscape and set our sights on new opportunities. I'm Lisa Sanford, your dedicated local real estate agent, and I'm thrilled to share some exciting insights into the current state of the market.
The Numbers Tell a Story of Growth and Opportunity
In December 2023, the median home sold price in Kankakee County reached an impressive $189,773, marking a noteworthy 2.5% increase from the previous year. If you're curious about the price per square foot, it stood at a reasonable $130. These figures speak volumes about the resilience and prosperity of our local real estate market.
A Closer Look at Housing Prices by Bedroom Type
Breaking down the numbers further, we find intriguing trends in various bedroom categories. One-bedroom homes experienced a 64.2% decrease in price, while two-bedroom homes saw a 3.8% increase. Three-bedroom homes dipped slightly by 1.5%, but four-bedroom homes rose by 2.8%, and five-bedroom or larger homes surged by an impressive 12.4%. These fluctuations create a dynamic landscape, offering diverse options for buyers and sellers alike.
A Market Overview: Opportunities Await
With 288 homes available for sale in December 2023, we saw a 4.6% decrease compared to the previous month, presenting an excellent opportunity for those looking to make a move. Remarkably, 55.8% of homes sold below asking price last month, providing potential buyers with the chance to secure a fantastic deal.
Rising Demand and Quick Turnarounds
In December 2023, a total of 77 homes were sold or pending, marking an 11.6% month-over-month increase. Notably, 56% of these homes were sold under asking, showcasing a buyer-friendly market. The average days on market decreased by 20.8% compared to last year, with homes spending an average of 29 days on the market.
Act Fast, Act Smart
For those eager to buy or sell in Kankakee County, now is the time to seize the opportunities available. A significant 68% of homes were sold within 30 days, demonstrating a quick and efficient turnaround. Whether you're aiming for a swift transaction or a more deliberate approach, the market caters to a variety of timelines.
As we embark on this new year, I invite you to consider your real estate goals. Are you looking to buy or sell? Whether you're a first-time homebuyer, a seasoned investor, or someone exploring new possibilities, I'm here to guide you through the process. Reach out today, and let's make your real estate dreams a reality in 2024! Cheers to a prosperous and joyful year ahead!
Call Lisa Sanford at 815-922-6924.
