November Real Estate Market Update for McHenry, IL: What It Means for Buyers and Sellers

November Real Estate Market Update for McHenry, IL: What It Means for Buyers and Sellers

A Strong Seller’s Market in McHenry

The November numbers for single-family homes in McHenry, IL, paint a picture of a competitive real estate market. Let’s break down the key metrics and what they mean for buyers and sellers navigating today’s market.

1. Months Supply of Inventory: 1.41

This metric shows how long it would take to sell all homes currently on the market at the current sales pace. At 1.41 months, McHenry remains in a strong seller’s market with high demand and limited supply.

For buyers: You’ll need to move quickly and work closely with an agent to find and secure your ideal home.
For sellers: Low inventory means less competition, making it an opportune time to list your home.

2. 12-Month Change in Inventory: -11.88%

Compared to last year, McHenry’s inventory has dropped by nearly 12%, further tightening the market.

For buyers: Fewer homes on the market mean increased competition. Be prepared to make swift decisions and competitive offers.
For sellers: Decreasing inventory puts you in a strong position, with buyers eager to find available homes.

3. Median Days on Market: 14

Homes in McHenry are selling in just two weeks on average. This rapid pace underscores the high demand for homes in the area.

For buyers: Be ready to act fast. Delays could result in losing out on a property.
For sellers: Quick sales mean you won’t have to wait long to find a buyer, especially if your home is well-prepared and priced correctly.

4. List to Sold Price Percentage: 98.7%

On average, homes are selling for 98.7% of their asking price, reflecting strong demand and accurate pricing by sellers.

For buyers: Expect to pay close to the asking price. In some cases, offering slightly more may help you stand out.
For sellers: You can feel confident pricing your home at or near market value, as buyers are willing to pay close to list price in this competitive market.

5. Median Sold Price: $294,000

The median sold price offers a benchmark for both buyers and sellers, highlighting strong demand and steady pricing in McHenry.

For buyers: Use this figure as a guide when budgeting for your home purchase in the area.
For sellers: This median price shows that the market remains favorable for achieving a strong return on your property.

Key Takeaways for Buyers and Sellers

McHenry’s November real estate market reflects a robust seller’s market, with low inventory and high demand driving quick sales.

• For buyers: Success in this competitive market means being ready to act fast, with financing pre-approved and a clear sense of what you’re looking for.
• For sellers: The conditions are in your favor. Listing your home now can result in a quick sale at a strong price.

Whether you’re buying or selling, partnering with an experienced real estate professional is the best way to navigate McHenry’s fast-paced market.