Is Gages Lake, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Gages Lake is a seller's market

Buyer's
Market

Difference Since November 2023

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

Key Takeaway

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

Housing Prices in Gages Lake, IL

How much do homes in Gages Lake, IL cost?

Median Sold Price

$300,000

$174/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

-$6,000(-2.0%)

Key Takeaway

Homes in Gages Lake have sold for 2% less than they did a year ago.

Summary: The median home sold price in Gages Lake was $300,000 in November 2024, down 2% from last year, and the median price per square foot was $174.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $155K$141K
-9.0%
2 $210K$220K
+4.8%
3 $280K$297.4K
+6.2%
4 $420K$420K
0.0%
5+ $400K$490K
+22.5%

Summary: Gages Lake housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 9%, 2 bedroom homes increased by 4.8%, 3 bedroom homes increased by 6.2%, 4 bedroom homes did not change, and 5+ bedroom homes increased by 22.5%.

Housing Supply in Gages Lake, IL

How many homes are available in Gages Lake, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
4543-4.4%

Summary: The Gages Lake real estate market had 43 homes for sale in November 2024, a 4.4% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 00
0.0%
2 1312
-7.7%
3 129
-25.0%
4 1313
0.0%
5+ 79
+28.6%

Summary: The Gages Lake housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 7.7%, 3 bedroom homes decreased by 25%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 28.6%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
1412-14.3%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Gages Lake, you may be able to get a good deal. 58.3% of homes here sold below asking price last month.

Summary: A total of 12 homes were sold or pending in Gages Lake in November 2024, down by 14.3% month-over-month. Of the 12 sold homes, 58% were sold under asking, 8% were sold at asking, and 33% were sold over asking.

Days on Market for Gages Lake, IL

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

Average Sale Time

Nov 2023Nov 2024CHANGE
13 Days22 Days+71.8%

Summary: Homes in Gages Lake had an average of 22 days on market in Nov 2024, up by 71.8% compared to last year.

Breakdown of Home Sale Times

9 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 12 homes were sold in Gages Lake; 75% of homes were sold within 30 days, 25% 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 21 Days Ago

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