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 November 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

$277,125

$137/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

-$875(-0.3%)

Key Takeaway

The sold price of homes in Cherry Valley has remained the same since last year.

Summary: The median home sold price in Cherry Valley was $277,125 in November 2024, down 0.3% from last year, and the median price per square foot was $137.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $122K$113.3K
-7.1%
2 $154.9K$180K
+16.2%
3 $277K$287.6K
+3.8%
4 $325.5K$277.7K
-14.7%
5+ $359K$395K
+10.0%

Summary: Cherry Valley housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 7.1%, 2 bedroom homes increased by 16.2%, 3 bedroom homes increased by 3.8%, 4 bedroom homes decreased by 14.7%, and 5+ bedroom homes increased by 10%.

Median Sold Price Compared To Nearby Cities

Rockford
+11.6%
Rockford Township
+11.1%
Cherry Valley
-0.3%
Flora Township
-1.1%
Cherry Valley Township
-2.2%

Housing Supply in Cherry Valley, IL

How many homes are available in Cherry Valley, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
89+12.5%

Summary: The Cherry Valley real estate market had 9 homes for sale in November 2024, a 12.5% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 01
+100.0%
2 10
-100.0%
3 44
0.0%
4 24
+100.0%
5+ 10
-100.0%

Summary: The Cherry Valley housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 100%, 3 bedroom homes remained the same, 4 bedroom homes increased by 100%, and 5+ bedroom homes decreased by 100%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
42-50.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Cherry Valley, you may be able to get a good deal. 100% of homes here sold below asking price last month.

Summary: A total of 2 homes were sold or pending in Cherry Valley in November 2024, down by 50.0% month-over-month. Of the 2 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% 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

Nov 2023Nov 2024CHANGE
13 Days79 Days+485.2%

Summary: Homes in Cherry Valley had an average of 79 days on market in Nov 2024, up by 485.2% compared to last year.

Breakdown of Home Sale Times

0 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Cherry Valley has remained consistent over time.

Summary: During November 2024, 2 homes were sold in Cherry Valley; 0% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 50% 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 21 Days Ago

Newest Listings in Cherry Valley, IL

Nearby Markets to Cherry Valley, IL

What housing markets are near Cherry Valley, IL?