Is Gages Lake, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Gages Lake is a seller's market

Buyer's
Market

Difference Since April 2023

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

Key Takeaway

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

Housing Prices in Gages Lake, IL

How much do homes in Gages Lake, IL cost?

Median Sold Price

$311,000

$176/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$36,000(+13.1%)

Key Takeaway

Homes in Gages Lake have sold for 13.1% more than they did a year ago.

Summary: The median home sold price in Gages Lake was $311,000 in April 2024, up 13.1% from last year, and the median price per square foot was $176.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $155K$172K
+11.0%
2 $195K$215K
+10.3%
3 $256.1K$300K
+17.1%
4 $369.5K$444.9K
+20.4%
5+ $418.5K$385.1K
-8.0%

Summary: Gages Lake housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11%, 2 bedroom homes increased by 10.3%, 3 bedroom homes increased by 17.1%, 4 bedroom homes increased by 20.4%, and 5+ bedroom homes decreased by 8%.

Housing Supply in Gages Lake, IL

How many homes are available in Gages Lake, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
2534+36.0%

Summary: The Gages Lake real estate market had 34 homes for sale in April 2024, a 36.0% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 10
-100.0%
2 35
+66.7%
3 1717
0.0%
4 210
+400.0%
5+ 22
0.0%

Summary: The Gages Lake housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 66.7%, 3 bedroom homes remained the same, 4 bedroom homes increased by 400%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
911+22.2%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Gages Lake, you could pay more than the asking price. 90.9% of homes here sold above asking price last month.

Summary: A total of 11 homes were sold or pending in Gages Lake in April 2024, up by 22.2% month-over-month. Of the 11 sold homes, 0% were sold under asking, 9% were sold at asking, and 91% were sold over asking.

Days on Market for Gages Lake, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
10 Days5 Days-49.9%

Summary: Homes in Gages Lake had an average of 5 days on market in Apr 2024, down by 49.9% compared to last year.

Breakdown of Home Sale Times

11 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 11 homes were sold in Gages Lake; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% 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 14 Days Ago

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