Geneva Housing Market: Sale Prices By ZIP Code

Real Estate

Here is how the real estate market is performing for Geneva area ZIP codes.

Local Data , Patch Staff

GENEVA, IL — The number of homes for sale in November fell to a new all-time low, but inventory is expected to pick up in 2022, according to real estate experts.

Seasonally adjusted home sales fell 18 percent in November 2021 compared with November 2020. Consequently, the median sale price went up 15 percent year over year due to tight inventory, according to Redfin , a national real estate brokerage. However, the housing market was less competitive in November than in prior months, as homes stayed on the market a little longer and fewer sold above list price.

“I wish I had better news for homebuyers this holiday season, but in many ways the housing market is more challenging than ever,” said Redfin Chief Economist Daryl Fairweather in a news release.

Buyers are currently benefiting from low mortgage rates, but inflation could spread to more consumer goods next year, which would put a dent in housing budgets, Fairweather said.

Redfin projects that new home listings will hit a 10-year-high in 2022, which would entice more current homeowners to move.

Mortgage rates are also expected to rise from around 3 percent to 3.6 percent by the end of 2022. That amounts to about $100 more per month in mortgage payments for median-priced homes. Higher mortgage rates will help temper home price growth.

Geneva Housing Market

The median sale price for a single-family home in the 60134 ZIP code was about $405,000 from the beginning of September through the end of November, according to Redfin. That was 4 percent higher than the median price over the same period last year.

Redfin tracked 117 home sales during the same period, and 37 percent sold above list price. There were 84 new listings during this time, the firm said.

Editor’s note: This post was automatically generated using preliminary data from Redfin . Data is subject to revisions. Redfin is a Patch promotional partner. Please report any errors or other feedback to [email protected] .