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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Belvidere is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Belvidere, IL

How much do homes in Belvidere, IL cost?

Median Sold Price

$246,000

$133/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$66,000(+36.7%)

Key Takeaway

Homes in Belvidere have sold for 36.7% more than they did a year ago.

Summary: The median home sold price in Belvidere was $246,000 in May 2024, up 36.7% from last year, and the median price per square foot was $133.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 -$85K
N/A
2 $129.9K$146.5K
+12.7%
3 $193.5K$235K
+21.4%
4 $212.6K$307.5K
+44.6%
5+ $189.9K$325K
+71.1%

Summary: Belvidere 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 12.7%, 3 bedroom homes increased by 21.4%, 4 bedroom homes increased by 44.6%, and 5+ bedroom homes increased by 71.1%.

Median Sold Price Compared To Nearby Cities

Belvidere
+36.7%
Belvidere Township
+19.1%
Cherry Valley
+7.0%
Bonus Township
+6.7%
Flora Township
-14.8%

Housing Supply in Belvidere, IL

How many homes are available in Belvidere, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
63630.0%

Summary: The Belvidere real estate market had 63 homes for sale in May 2024, the same as April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 68
+33.3%
3 3335
+6.1%
4 2014
-30.0%
5+ 46
+50.0%

Summary: The Belvidere 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 33.3%, 3 bedroom homes increased by 6.1%, 4 bedroom homes decreased by 30%, and 5+ bedroom homes increased by 50%.

Number of Homes Sold

Apr 2024May 2024CHANGE
2224+9.1%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

12 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Belvidere, you could pay more than the asking price. 50% of homes here sold above asking price last month.

Summary: A total of 24 homes were sold or pending in Belvidere in May 2024, up by 9.1% month-over-month. Of the 24 sold homes, 17% were sold under asking, 33% were sold at asking, and 50% were sold over asking.

Days on Market for Belvidere, IL

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

Average Sale Time

May 2023May 2024CHANGE
15 Days24 Days+64.5%

Summary: Homes in Belvidere had an average of 24 days on market in May 2024, up by 64.5% compared to last year.

Breakdown of Home Sale Times

18 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 24 homes were sold in Belvidere; 75% of homes were sold within 30 days, 4% of homes were sold within 30 to 90 days, and 13% 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 2 Days Ago

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