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 October 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

$276,500

$138/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$8,400(-2.9%)

Key Takeaway

Homes in Cherry Valley have sold for 2.9% less than they did a year ago.

Summary: The median home sold price in Cherry Valley was $276,500 in October 2024, down 2.9% from last year, and the median price per square foot was $138.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $122K$113.3K
-7.1%
2 $199.4K$177.4K
-11.0%
3 $285K$280K
-1.8%
4 $325.5K$285.7K
-12.2%
5+ $359K$395K
+10.0%

Summary: Cherry Valley housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 7.1%, 2 bedroom homes decreased by 11%, 3 bedroom homes decreased by 1.8%, 4 bedroom homes decreased by 12.2%, and 5+ bedroom homes increased by 10%.

Median Sold Price Compared To Nearby Cities

Rockford
+14.3%
Rockford Township
+13.7%
Cherry Valley Township
+3.3%
Flora Township
-1.9%
Cherry Valley
-2.9%

Housing Supply in Cherry Valley, IL

How many homes are available in Cherry Valley, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
98-11.1%

Summary: The Cherry Valley real estate market had 8 homes for sale in October 2024, a 11.1% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 31
-66.7%
3 44
0.0%
4 12
+100.0%
5+ 11
0.0%

Summary: The Cherry Valley housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 66.7%, 3 bedroom homes remained the same, 4 bedroom homes increased by 100%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
330.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

1 Home Was Sold
At Asking

1 Home Was 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. 33.3% of homes here sold below asking price last month.

Summary: A total of 3 homes were sold or pending in Cherry Valley in October 2024, the same as the previous month. Of the 3 sold homes, 33% were sold under asking, 33% were sold at asking, and 33% 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

Oct 2023Oct 2024CHANGE
29 Days17 Days-40.2%

Summary: Homes in Cherry Valley had an average of 17 days on market in Oct 2024, down by 40.2% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 3 homes were sold in Cherry Valley; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% 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 20 Days Ago

Newest Listings in Cherry Valley, IL

Nearby Markets to Cherry Valley, IL

What housing markets are near Cherry Valley, IL?