Fox Valley home prices February 5 2022
Fox valley home prices February 5 2022. The tight market continues. It is like a broken record. New listings this week 113, last week 112. Almost identical
Closed listings this week were up. 164 this week compared to 121 the previous week. They will increase as we get closer to the end of the month.
Take a look at the communities with the most activity this week:
Aurora-New 12 $179,000-$483,600
Closed 40 $85,000-$569,500
Bolingbrook-New 11 $229,500-$635,000
Naperville-New 20 $299,900-$2,200,000
Plainfield-New 14 $290,000-$969,000
St Charles-New 17 $175,000-$1,700,000
Financing used, median prices and 2,000 SF or more
Listings this week had a median price of $375,000, last week $329,900.
Closed homes had a median price of $344,000. last week $325,000.
Conventional financing was used to close 113 homes at median price of $381,000, last week 74 homes at median price of $344,000.
Cash was used to close 23 homes at a median price of $281,615, last week 18 at median price of $197,750.
FHA financing was used to close 22 homes at median price of $306,000, last week 18 homes at median price of $250,000.
VA financing was used to close 6 homes this week at a median price of $301,500, last week 11 at a median price of $387,000.
The pandemic has changed what people are looking for in a home. So many are now working from home and need more space for a home office or just have learned that they need more space. This week 98 homes closed that were 2,000 square feet or more at a median price of $426,000, last week 59 homes closed at a median price of $394,990. The minimum price of 2,000 square feet or more closed this week at a price of $85,000, last week $185,300.
Things change from day to day so you have to keep a close eye everyday for the right home to hit the market and be ready.
Contracts accepted this week
Contracts accepted this week were not too far off the week before. 170 this week compared to 178 the week before. That is pretty consistent.
Look at the communities seller’s accepted the most contracts this week:
St Charles-13 Yorkville-10
1 short sale was accepted by a seller this week. It was in Aurora. Now it will be submitted to the lender to see if they will also accept.
Seller’s accepted contracts that are contingent on the buyer closing on their current home. 2 with a kick-out clause of 72 hours, 2 with 48 hours, and 1 with 24 hours.
Also, seller’s accepted contracts that are contingent on the buyer selling and closing on their current home. 2 with a kick-out clause of 72 hours, and 1 with 48 hours.
The median list price of a single family home this week that a contract was accepted was $349,900 and the average days on market 40 days, lat week it was $378,587 with average days on market 44 days.
2022 by the month
Month New Closed Contracts accepted
January 422 492 623
February 113 164 170
Check back with us every Saturday for the real estate market update. At the end of each month we take a look back at 2021 and 2020 so you can see how the market is doing this year compared to those 2 years.
Call us at 630-503-6555 with all your real estate questions. Your goal is our goal. We will do everything we can to help you reach your goal.
Get yourself in the best position by contacting a loan officer and getting them all your financial documents so they can get you pre approved and put you through the underwriting process so you are ready to go. When you find the home you like, you will not have to wait and possibly lose out on a home.
Request a home valuation if you are thinking about moving and selling your home. Tell us a little bit about your home and what has been updated recently. We will let you know what it is worth in today’s market. You will also be provided a net proceeds that shows you the expenses to sell. This will be updated when an offer comes in and we know all the terms so you can make a good decision.
Types of loans and the process
Current interest rates ( ask your loan officer what rate they are offering. It depends on your credit score)
Let us know what other information you are looking for so we can point you in the right direction.
All data used is form our MLS MRED, LLC.
Fox Valley home prices February 5 2022. Have a great week!
Kristine Heiman, SFR, SRS, AHWD, C2EX
Designated Managing Broker
Best Homes Fox Valley
200 Webster St
Montgomery, IL 60538
630-503-6555 ext 101