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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Cherry Valley is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Cherry Valley, IL

How much do homes in Cherry Valley, IL cost?

Median Sold Price

$277,500

$132/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$18,250(+7.0%)

Key Takeaway

Homes in Cherry Valley have sold for 7% more than they did a year ago.

Summary: The median home sold price in Cherry Valley was $277,500 in May 2024, up 7% from last year, and the median price per square foot was $132.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $95K$108.8K
+14.5%
2 $195K$173.4K
-11.1%
3 $250K$280K
+12.0%
4 $290K$328K
+13.1%
5+ $359K$450K
+25.3%

Summary: Cherry Valley housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.5%, 2 bedroom homes decreased by 11.1%, 3 bedroom homes increased by 12%, 4 bedroom homes increased by 13.1%, and 5+ bedroom homes increased by 25.3%.

Median Sold Price Compared To Nearby Cities

Rockford
+18.8%
Rockford Township
+16.1%
Cherry Valley Township
+7.4%
Cherry Valley
+7.0%
Flora Township
-14.8%

Housing Supply in Cherry Valley, IL

How many homes are available in Cherry Valley, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
76-14.3%

Summary: The Cherry Valley real estate market had 6 homes for sale in May 2024, a 14.3% decrease compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 00
0.0%
3 55
0.0%
4 21
-50.0%
5+ 00
0.0%

Summary: The Cherry Valley housing inventory by bedroom type for May 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 50%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
330.0%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Cherry Valley, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.

Summary: A total of 3 homes were sold or pending in Cherry Valley in May 2024, the same as the previous month. Of the 3 sold homes, 0% were sold under asking, 33% were sold at asking, and 67% were sold over asking.

Days on Market for Cherry Valley, IL

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

Average Sale Time

May 2023May 2024CHANGE
4 Days7 Days+75.0%

Summary: Homes in Cherry Valley had an average of 7 days on market in May 2024, up by 75% compared to last year.

Breakdown of Home Sale Times

3 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 Cherry Valley are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 3 homes were sold in Cherry Valley; 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 1 Day Ago

Newest Listings in Cherry Valley, IL

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