How is the real estate market doing in Plainfield, IL?

This is a very common question asked of real estate agents in Plainfield. Whether you are a home owner in Plainfield or a potential buyer interested in homes for sale in Plainfield, IL you are undoubtedly interested in the answer to this question. The only way you can truly know how the Plainfield real estate market is doing is to be informed. The key metrics that answer this question change every month.

In this post, we display some of the key real estate metrics for October, 2013. Bowers Realty Group offers a more comprehensive explanation of how the real estate market is doing in Plainfield, including explanations of how the key metrics compare to the previous 13 months.

Homes Listed vs. Homes Sold

There were 900 homes listed for sale in Plainfield during October, 2013, with only 126 of those being new listings that went on the market in October. Of those 900 total homes listed, only 140 homes were sold in October. That means only 15.6% of the homes that were on the market for sale at some point in October actually sold.

Market Composition

Of the 900 homes listed for sale in Plainfield during October, 64.7% were Traditional sales, 24.7% were Short Sales, and 10.7% were foreclosures. Compared to last year, that is an increase in Traditional sales over October, 2012 of 10.5%, which means there is a smaller percentage of distressed properties on the market. This leads to higher home prices for the entire market.

Home Values in Plainfield

The median list price of homes for sale in Plainfield during October was $197,000. The median sold price in Plainfield during October was $190,250.

The October, 2013 median price for homes sold in Plainfield, IL has appreciated (risen) 15.3% when comparing to October, 2012 (year over year). The median price for homes sold in Plainfield, IL has appreciated (risen) 1.74% when comparing to September, 2013 (month over month).

Are homes selling quickly in Plainfield?

The average number of days homes in Plainfield are on the market before they sell varies greatly from month to month. In fact, it varies greatly from listing to listing. There are many factors that drastically impact how quickly a home sells, which is another topic in itself. Since the question is asked very often, we will provide the statistic. The average for homes that sold in October, 2013 was 48 days on the market. Do not assume that your home will sell in 48 days!!! If you are interested in understanding the factors that impact how quickly homes sell or how quickly your home can sell, contact Bowers Realty Group at 630-712-1921.

Is it a Buyers' Market or a Sellers' Market in Plainfield?

It is currently a Neutral Market in Plainfield, meaning it is neither a Buyers' Market or a Sellers' Market. It is in between the two. To learn about how that is determined or where the signals for next month are pointing, review Bowers Realty Group's how's the real estate market doing in Plainfield page.

The accuracy of all information, regardless of source, is deemed reliable but not guaranteed.