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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Somonauk is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Somonauk, IL

How much do homes in Somonauk, IL cost?

Median Sold Price

$292,000

$184/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$77,000(+35.8%)

Key Takeaway

Homes in Somonauk have sold for 35.8% more than they did a year ago.

Summary: The median home sold price in Somonauk was $292,000 in May 2024, up 35.8% from last year, and the median price per square foot was $184.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 -$200K
N/A
2 $175.7K$215K
+22.4%
3 $235K$297.4K
+26.6%
4 $207.5K$291K
+40.2%
5+ $197.4K$645K
+226.7%

Summary: Somonauk housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 22.4%, 3 bedroom homes increased by 26.6%, 4 bedroom homes increased by 40.2%, and 5+ bedroom homes increased by 226.7%.

Median Sold Price Compared To Nearby Cities

Somonauk
+35.8%
Somonauk Township
+31.5%
Northville Township
+27.9%
Sandwich
+18.7%
Sandwich Township
+17.2%

Housing Supply in Somonauk, IL

How many homes are available in Somonauk, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
2123+9.5%

Summary: The Somonauk real estate market had 23 homes for sale in May 2024, a 9.5% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 12
+100.0%
3 1110
-9.1%
4 89
+12.5%
5+ 12
+100.0%

Summary: The Somonauk 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 100%, 3 bedroom homes decreased by 9.1%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Apr 2024May 2024CHANGE
770.0%

Asking Price vs. Sold Price

6 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 Somonauk, you may be able to get a good deal. 85.7% of homes here sold below asking price last month.

Summary: A total of 7 homes were sold or pending in Somonauk in May 2024, the same as the previous month. Of the 7 sold homes, 86% were sold under asking, 0% were sold at asking, and 14% were sold over asking.

Days on Market for Somonauk, IL

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

Average Sale Time

May 2023May 2024CHANGE
10 Days75 Days+604.5%

Summary: Homes in Somonauk had an average of 75 days on market in May 2024, up by 604.5% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 7 homes were sold in Somonauk; 43% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 29% 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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