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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Inverness is a buyer's market

Buyer's
Market

Difference Since Last Month

Last month, Inverness was a Seller's Market.

Key Takeaway

Inverness is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Inverness, IL

How much do homes in Inverness, IL cost?

Median Sold Price

$535,000

$195/sqft

Based on all homes sold in January 2024.

Difference Since Last Month

-$225,000(-29.6%)

Key Takeaway

Homes in Inverness have sold for 29.6% less than they did a month ago.

Summary: The median home sold price in Inverness was $535,000 in January 2024, down 29.6% from last month, and the median price per square foot was $195.

Median Sold Price By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 --
N/A
2 --
N/A
3 $447.5K-
N/A
4 $1.5M$295K
-81.3%
5+ $760K$775K
+2.0%

Summary: Inverness housing prices by bedroom type for January 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes decreased by 81.3%, and 5+ bedroom homes increased by 2%.

Housing Supply in Inverness, IL

How many homes are available in Inverness, IL?

Number of Homes For Sale

Dec 2023Jan 2024CHANGE
15150.0%

Summary: The Inverness real estate market had 15 homes for sale in January 2024, the same as December 2023.

Homes For Sale By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 00
0.0%
2 00
0.0%
3 33
0.0%
4 86
-25.0%
5+ 46
+50.0%

Summary: The Inverness housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes decreased by 25%, and 5+ bedroom homes increased by 50%.

Number of Homes Sold

Dec 2023Jan 2024CHANGE
52-60.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Inverness, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 2 homes were sold or pending in Inverness in January 2024, down by 60.0% month-over-month. Of the 2 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.

Days on Market for Inverness, IL

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

Average Sale Time

Dec 2023Jan 2024CHANGE
27 Days31 Days+13.1%

Summary: Homes in Inverness had an average of 31 days on market in Jan 2024, up by 13.1% compared to last month.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During January 2024, 2 homes were sold in Inverness; 50% of homes were sold within 30 days, 50% 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 29 Days Ago

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