Fox Lake, IL - Real Estate Market Update: September 2024

Are you looking to buy or sell a home in Fox Lake, Illinois? Here’s an overview of the latest real estate trends that are shaping the market as of September 2024.

Increased Inventory: What It Means for Buyers and Sellers

Fox Lake currently has a 2.48-month supply of inventory—a significant increase of 121.43% from the previous year. This boost in inventory provides buyers with more choices and could add a bit of balance to the market. For sellers, more inventory means they may encounter a bit more competition, making accurate pricing and presentation essential.

Homes Are Selling Close to Listing Price

Fox Lake’s list-to-sold price percentage is at 98.6%, meaning homes are generally selling very close to their listed prices. This is an encouraging sign for sellers, as it shows the market’s strength and suggests that pricing in Fox Lake aligns well with what buyers are willing to pay.

Market Moving Quickly: Median Days on Market

With a median of 27 days on the market, homes in Fox Lake are selling relatively fast. If you’re a seller, this is a great indicator that well-presented and accurately priced homes are finding buyers quickly. For buyers, this means that the market is competitive—so having a clear plan and acting promptly when you find the right home is key.

Median Sold Price: $204,000

The median sold price in Fox Lake is $204,000, giving you a snapshot of the general price range within the area. This figure means that half of the homes sold for less than $204,000 and half sold for more, offering a balanced view of the market for both budget-conscious and higher-end buyers.

Key Takeaways

Overall, the real estate market in Fox Lake shows a mix of opportunity and stability for both buyers and sellers. With an increased inventory, competitive pricing, and homes moving off the market relatively quickly, it’s a dynamic time to get involved.

If you're considering buying or selling in Fox Lake, staying informed is essential. Working with a professional REALTOR®, like myself at Stellar Results Realty, can make all the difference in navigating these market conditions. Reach out with any questions or to discuss how to make the most of these trends in your own buying or selling journey.

Stay informed, make confident decisions, and thank you for following along with this September 2024 market update for Fox Lake!