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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Inverness is a seller's market

Buyer's
Market

Difference Since June 2023

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

Key Takeaway

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

Housing Prices in Inverness, IL

How much do homes in Inverness, IL cost?

Median Sold Price

$715,000

$209/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2023

+$31,500(+4.6%)

Key Takeaway

Homes in Inverness have sold for 4.6% more than they did a year ago.

Summary: The median home sold price in Inverness was $715,000 in June 2024, up 4.6% from last year, and the median price per square foot was $209.

Median Sold Price By Bedroom Count

# BEDSJun 2023Jun 2024CHANGE
1 $660K-
N/A
2 $393K$520K
+32.3%
3 $560K$525K
-6.3%
4 $765K$780K
+2.0%
5+ $825K$930.2K
+12.8%

Summary: Inverness housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 32.3%, 3 bedroom homes decreased by 6.3%, 4 bedroom homes increased by 2%, and 5+ bedroom homes increased by 12.8%.

Median Sold Price Compared To Nearby Cities

Barrington
+15.5%
South Barrington
+14.8%
Palatine
+11.3%
Palatine Township
+10.3%
Inverness
+4.6%

Housing Supply in Inverness, IL

How many homes are available in Inverness, IL?

Number of Homes For Sale

May 2024Jun 2024CHANGE
3634-5.6%

Summary: The Inverness real estate market had 34 homes for sale in June 2024, a 5.6% decrease compared to May 2024.

Homes For Sale By Bedroom Count

# BEDSMay 2024Jun 2024CHANGE
1 00
0.0%
2 54
-20.0%
3 77
0.0%
4 1111
0.0%
5+ 1312
-7.7%

Summary: The Inverness housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 20%, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 7.7%.

Number of Homes Sold

May 2024Jun 2024CHANGE
1211-8.3%

Asking Price vs. Sold Price

5 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 Inverness, you may be able to get a good deal. 45.5% of homes here sold below asking price last month.

Summary: A total of 11 homes were sold or pending in Inverness in June 2024, down by 8.3% month-over-month. Of the 11 sold homes, 45% were sold under asking, 18% were sold at asking, and 36% 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

Jun 2023Jun 2024CHANGE
12 Days10 Days-14.6%

Summary: Homes in Inverness had an average of 10 days on market in Jun 2024, down by 14.6% compared to last year.

Breakdown of Home Sale Times

10 Homes Were 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 June 2024, 11 homes were sold in Inverness; 91% of homes were sold within 30 days, 9% 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 26 Days Ago

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