The data in this article is regarding Aurora, Illinois, and it is for single-family houses only. The data does not include multi-unit properties, townhomes or condominiums.
During March 2018, there were 673 houses on the market. 83.7% of them did not sell. The percentage remaining on the market is 73.4. House sellers took10.3 percent of homes off of the market. Only 16.3 percent of the total number of homes on the market in March 2018 was sold.
An important factor in houses not selling is that some homes are priced too high.
In Aurora, 88.6 percent of the market of real estate sales was composed of traditional house sales. When compared to February of 2018, March 2018 had an increase of 2.6 percent. This is also an increase of 1.2 percent when compared to March of 2018. A positive sign for the market is when there is a rise in the percentage of traditional home sales. This is a key statistic because a rise in the percent of traditional house sales allows house prices to increase.
The opposite occurs when it comes to foreclosures and short sales. When there is an increase in the percentage of foreclosures and short sales, there is a decrease in the overall house prices. This includes traditional homes.
In Aurora, on average, the price of houses sold has risen 18.46 percent when you compare year over year March of 2018 to March 2017. If you do the month over month comparison of March 2018 to February 2017, the average price of homes sold has increased 18.46 percent.
This sharp increase in home prices makes it so difficult for renters to enter the home ownership market. The year over year home value increase of 18.46% for Aurora is so high. Even though it would be so unlikely, if homes increased in value 18%, four years in a row, home prices would double. If home prices increased in value 9%, eight years in a row, home prices would double. For many home renters to enter the home market, they need to aggressively save and increase their incomes.
$54,861 is the household median income in the city of Aurora.