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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Inverness is a buyer's market

Buyer's
Market

Difference Since April 2023

At the same time last year, Inverness was a Seller's Market.

Key Takeaway

Inverness is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Inverness, IL

How much do homes in Inverness, IL cost?

Median Sold Price

$694,072

$205/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

-$4,927(-0.7%)

Key Takeaway

Homes in Inverness have sold for 0.7% less than they did a year ago.

Summary: The median home sold price in Inverness was $694,072 in April 2024, down 0.7% from last year, and the median price per square foot was $205.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 -$660K
N/A
2 $405K$522.5K
+29.0%
3 $556.5K$530K
-4.8%
4 $767K$775K
+1.0%
5+ $878.4K$910K
+3.6%

Summary: Inverness housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 29%, 3 bedroom homes decreased by 4.8%, 4 bedroom homes increased by 1%, and 5+ bedroom homes increased by 3.6%.

Median Sold Price Compared To Nearby Cities

Palatine
+13.0%
Barrington
+11.0%
South Barrington
+9.7%
Palatine Township
+6.7%
Inverness
-0.7%

Housing Supply in Inverness, IL

How many homes are available in Inverness, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
1829+61.1%

Summary: The Inverness real estate market had 29 homes for sale in April 2024, a 61.1% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 00
0.0%
2 24
+100.0%
3 36
+100.0%
4 47
+75.0%
5+ 912
+33.3%

Summary: The Inverness housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes increased by 100%, 4 bedroom homes increased by 75%, and 5+ bedroom homes increased by 33.3%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
330.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was 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. 66.7% of homes here sold below asking price last month.

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

Apr 2023Apr 2024CHANGE
15 Days59 Days+271.1%

Summary: Homes in Inverness had an average of 59 days on market in Apr 2024, up by 271.1% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

1 Home Was 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 April 2024, 3 homes were sold in Inverness; 67% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 33% 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 17 Days Ago

Newest Listings in Inverness, IL

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