November Real Estate Market Update for Fox Lake: What It Means for Buyers and Sellers

November Real Estate Market Update for Fox Lake: What It Means for Buyers and Sellers

The November numbers for single-family homes in Fox Lake tell an interesting story about a market in transition. Whether you’re buying or selling, understanding these key metrics can help you make informed decisions. Here’s a closer look at what they mean for you.

1. Months Supply of Inventory: 2.47

This metric measures how long it would take to sell all the homes currently on the market if no new listings were added. At 2.47 months, we’re still in a seller’s market, but this number shows that inventory is creeping up.

For buyers: More homes are becoming available, giving you more choices. However, demand remains high, so be prepared to act quickly when you find the right property.
For sellers: While the market is still in your favor, increasing inventory means buyers have more options. Pricing your home competitively is key to standing out.

2. 12-Month Change in Inventory: +81.62%

Inventory levels have grown significantly over the past year, an 81.62% increase. This shift suggests the market is moving towards balance, where supply and demand are more evenly matched.

For buyers: This is good news—it’s getting easier to find a home in Fox Lake compared to last year. You might even have a little more room to negotiate.
For sellers: While demand is still strong, more competition means you’ll need to ensure your home is market-ready and priced strategically to attract serious offers.

3. Median Days on Market: 18

Homes are selling quickly, with a median of just 18 days on the market. This reflects a fast-paced market where buyers are actively making offers on desirable properties.

For buyers: You’ll need to act fast. Having your financing in place and working with a skilled agent can give you a competitive edge.
For sellers: If your home is priced right and presented well, you can expect it to sell quickly, often within weeks of listing.

4. List to Sold Price Percentage: 99.4%

In November, homes sold for an average of 99.4% of their asking price. This shows that sellers are pricing their homes well, and buyers are willing to meet those expectations.

For buyers: Be prepared to offer close to, or even above, the asking price, especially if the home is competitively priced and in good condition.
For sellers: A strong List to Sold Price Percentage means you can feel confident in pricing your home near its market value without having to expect major negotiations.

5. Median Sold Price: $209,900

The median sold price provides a snapshot of what homes are selling for in Fox Lake. At $209,900, it offers buyers and sellers a clear picture of pricing trends.

For buyers: Use this median price as a benchmark for budgeting and comparing homes in the area.
For sellers: This number can help you set realistic expectations for pricing your home competitively to attract offers.

What This Means for Buyers and Sellers

Fox Lake’s real estate market in November remained active, with increasing inventory but continued strong demand.

• Buyers: The growing inventory is a positive sign for you, as it provides more options. However, the fast-paced nature of the market means you still need to act quickly when you find the right home.
• Sellers: You’re still in a favorable market, but with more homes available, it’s essential to price your property right and make it stand out to attract buyers.

Whether you’re buying or selling, staying informed about the latest market trends is crucial. Working with a knowledgeable local real estate agent can help you navigate these conditions and achieve your goals in Fox Lake’s evolving market.