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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Geneva is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Geneva, IL

How much do homes in Geneva, IL cost?

Median Sold Price

$455,000

$212/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$40,067(+9.7%)

Key Takeaway

Homes in Geneva have sold for 9.7% more than they did a year ago.

Summary: The median home sold price in Geneva was $455,000 in May 2024, up 9.7% from last year, and the median price per square foot was $212.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $263.2K$168.7K
-35.9%
2 $282.5K$333K
+17.9%
3 $366.2K$405.5K
+10.7%
4 $522.5K$525K
0.5%
5+ $612.5K$614K
0.2%

Summary: Geneva housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 35.9%, 2 bedroom homes increased by 17.9%, 3 bedroom homes increased by 10.7%, 4 bedroom homes increased by 0.5%, and 5+ bedroom homes increased by 0.2%.

Median Sold Price Compared To Nearby Cities

Geneva Township
+9.8%
Geneva
+9.7%
Batavia
+7.6%
Saint Charles Township
+6.3%
Saint Charles
+4.4%

Housing Supply in Geneva, IL

How many homes are available in Geneva, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
102137+34.3%

Summary: The Geneva real estate market had 137 homes for sale in May 2024, a 34.3% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 1823
+27.8%
3 4347
+9.3%
4 3149
+58.1%
5+ 1018
+80.0%

Summary: The Geneva 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 increased by 27.8%, 3 bedroom homes increased by 9.3%, 4 bedroom homes increased by 58.1%, and 5+ bedroom homes increased by 80%.

Number of Homes Sold

Apr 2024May 2024CHANGE
3342+27.3%

Asking Price vs. Sold Price

11 Homes Were Sold
Under Asking

9 Homes Were Sold
At Asking

22 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Geneva, you could pay more than the asking price. 52.4% of homes here sold above asking price last month.

Summary: A total of 42 homes were sold or pending in Geneva in May 2024, up by 27.3% month-over-month. Of the 42 sold homes, 26% were sold under asking, 21% were sold at asking, and 52% were sold over asking.

Days on Market for Geneva, IL

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

Average Sale Time

May 2023May 2024CHANGE
10 Days13 Days+38.8%

Summary: Homes in Geneva had an average of 13 days on market in May 2024, up by 38.8% compared to last year.

Breakdown of Home Sale Times

38 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 42 homes were sold in Geneva; 90% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 2% 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

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