Is Cherry Valley Township, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Cherry Valley Township is a seller's market

Buyer's
Market

Difference Since March 2023

Since last year, Cherry Valley Township has remained a Seller's Market.

Key Takeaway

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

Housing Prices in Cherry Valley Township, IL

How much do homes in Cherry Valley Township, IL cost?

Median Sold Price

$210,000

$125/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$10,000(+5.0%)

Key Takeaway

Homes in Cherry Valley Township have sold for 5% more than they did a year ago.

Summary: The median home sold price in Cherry Valley Township was $210,000 in March 2024, up 5% from last year, and the median price per square foot was $125.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $95K$122K
+28.4%
2 $146.7K$173.4K
+18.2%
3 $198K$205K
+3.5%
4 $241.7K$280K
+15.8%
5+ $340K$397K
+16.8%

Summary: Cherry Valley Township housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 28.4%, 2 bedroom homes increased by 18.2%, 3 bedroom homes increased by 3.5%, 4 bedroom homes increased by 15.8%, and 5+ bedroom homes increased by 16.8%.

Median Sold Price Compared To Nearby Cities

Rockford
+20.0%
Rockford Township
+15.6%
Cherry Valley
+10.6%
Cherry Valley Township
+5.0%

Housing Supply in Cherry Valley Township, IL

How many homes are available in Cherry Valley Township, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
1722+29.4%

Summary: The Cherry Valley Township real estate market had 22 homes for sale in March 2024, a 29.4% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 10
-100.0%
2 53
-40.0%
3 814
+75.0%
4 34
+33.3%
5+ 01
+100.0%

Summary: The Cherry Valley Township housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 40%, 3 bedroom homes increased by 75%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
68+33.3%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Cherry Valley Township, you could pay more than the asking price. 50% of homes here sold above asking price last month.

Summary: A total of 8 homes were sold or pending in Cherry Valley Township in March 2024, up by 33.3% month-over-month. Of the 8 sold homes, 25% were sold under asking, 25% were sold at asking, and 50% were sold over asking.

Days on Market for Cherry Valley Township, IL

How long does it take to sell a home in Cherry Valley Township, IL?

Average Sale Time

Mar 2023Mar 2024CHANGE
33 Days37 Days+13.9%

Summary: Homes in Cherry Valley Township had an average of 37 days on market in Mar 2024, up by 13.9% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During March 2024, 8 homes were sold in Cherry Valley Township; 63% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 25% 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

Newest Listings in Cherry Valley Township, IL

Nearby Markets to Cherry Valley Township, IL

What housing markets are near Cherry Valley Township, IL?