Is Belvidere, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Belvidere is a seller's market

Buyer's
Market

Difference Since March 2023

Since last year, Belvidere has remained a Seller's Market.

Key Takeaway

Belvidere is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Belvidere, IL

How much do homes in Belvidere, IL cost?

Median Sold Price

$228,750

$129/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$52,750(+30.0%)

Key Takeaway

Homes in Belvidere have sold for 30% more than they did a year ago.

Summary: The median home sold price in Belvidere was $228,750 in March 2024, up 30% from last year, and the median price per square foot was $129.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 -$85K
N/A
2 $132K$145K
+9.8%
3 $180K$228.7K
+27.1%
4 $230K$299.9K
+30.4%
5+ $190K$310K
+63.2%

Summary: Belvidere housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 9.8%, 3 bedroom homes increased by 27.1%, 4 bedroom homes increased by 30.4%, and 5+ bedroom homes increased by 63.2%.

Median Sold Price Compared To Nearby Cities

Belvidere
+30.0%
Belvidere Township
+11.6%
Cherry Valley
+10.6%
Bonus Township
+3.7%
Flora Township
-10.0%

Housing Supply in Belvidere, IL

How many homes are available in Belvidere, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
6159-3.3%

Summary: The Belvidere real estate market had 59 homes for sale in March 2024, a 3.3% decrease compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 00
0.0%
2 22
0.0%
3 3331
-6.1%
4 2121
0.0%
5+ 55
0.0%

Summary: The Belvidere housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 6.1%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
1523+53.3%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

13 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Belvidere, you could pay more than the asking price. 56.5% of homes here sold above asking price last month.

Summary: A total of 23 homes were sold or pending in Belvidere in March 2024, up by 53.3% month-over-month. Of the 23 sold homes, 22% were sold under asking, 22% were sold at asking, and 57% were sold over asking.

Days on Market for Belvidere, IL

How long does it take to sell a home in Belvidere, IL?

Average Sale Time

Mar 2023Mar 2024CHANGE
60 Days51 Days-15.2%

Summary: Homes in Belvidere had an average of 51 days on market in Mar 2024, down by 15.2% compared to last year.

Breakdown of Home Sale Times

13 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

6 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Belvidere are selling fast, if you're buying plan to act quickly.

Summary: During March 2024, 23 homes were sold in Belvidere; 57% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 26% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 18 Days Ago

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