Despite low inventory levels, Aurora, IL had only a 1% drop in home sales in the detached single family homes. With 1,724 closed sales compared to 2016's 1,742, Aurora was able to hold its own in 2017.
The Average Sales price was up 7.6% to $222,496 vs. $206,828 in 2016. While Median Sales price was up 11.5% to $210,000 in 2017 compared to $188,300 in 2016. This is great news for current homeowners as they see continued improvement in their equity and position themselves to become move up buyes or for some - downsizing as retirement nears.
Current inventory levels for single family homes tells the picture with only 190 available homes with 15 of those brand new listings. Only 9 homes under $100K, gives you an idea on how home prices, even in affordable Aurora have gone up.
The attached home segment is also showing tight inventory with only 63 available and of those only 4 are brand new listings.
The year-to-date numers for attached home sales showed a drop of 5.2% compared to 2016 - with 2017 closed sales of 833 compared to 879 in 2016. Median sales price jumped 8.1% to $167,000 from 2016's $154,500. The average sales price went up 7.6% to $172,919 compared to 2016's $160,746.
With Aurora, being one of the few affordable cities in the greater Chicago metro area buyers will have to spend more in 2018 to get live in the average neighborhood. With tighter inventory you can expect multiple offers for those homes that ready to move in condition.
If you are in the market to buy your first or last home - start early - don't wait for the spring market when competition will only increase. Get pre-approved from a local mortage broker and call a professional realtor today!
If you rather buy a new home, you have come to the right place! More new home builders are ready to build you the home that you have always wanted! Contact me and tell me your goals for real estate in 2018 so we can start today!