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 October 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

$315,000

$195/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$78,750(+33.3%)

Key Takeaway

Homes in Somonauk have sold for 33.3% more than they did a year ago.

Summary: The median home sold price in Somonauk was $315,000 in October 2024, up 33.3% from last year, and the median price per square foot was $195.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $200K-
N/A
2 $199K$232K
+16.6%
3 $252K$315K
+25.0%
4 $252K$403.5K
+60.1%
5+ $585K$469.9K
-19.7%

Summary: Somonauk housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 16.6%, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 60.1%, and 5+ bedroom homes decreased by 19.7%.

Median Sold Price Compared To Nearby Cities

Somonauk
+33.3%
Somonauk Township
+32.6%
Northville Township
+14.5%
Sandwich
+3.6%
Sandwich Township
+3.6%

Housing Supply in Somonauk, IL

How many homes are available in Somonauk, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
1817-5.6%

Summary: The Somonauk real estate market had 17 homes for sale in October 2024, a 5.6% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 32
-33.3%
3 87
-12.5%
4 67
+16.7%
5+ 11
0.0%

Summary: The Somonauk 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 33.3%, 3 bedroom homes decreased by 12.5%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
95-44.4%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

3 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, expect to pay close to the asking price. 60% of homes here sold near the asking price last month.

Summary: A total of 5 homes were sold or pending in Somonauk in October 2024, down by 44.4% month-over-month. Of the 5 sold homes, 20% were sold under asking, 60% were sold at asking, and 20% 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

Oct 2023Oct 2024CHANGE
12 Days28 Days+127.2%

Summary: Homes in Somonauk had an average of 28 days on market in Oct 2024, up by 127.2% compared to last year.

Breakdown of Home Sale Times

3 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

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

Summary: During October 2024, 5 homes were sold in Somonauk; 60% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 20% 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 16 Days Ago

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