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Just How Hot Is the Arlington Heights Real Estate Market?

Just How Hot Is the Arlington Heights Real Estate Market?

A person holds a house model and real estate words shown on a computer screen

Arlington Heights had 503 homes on the market in June 2021, but only 24.3 percent of them sold. Approximately 59.6% remained for sale and 16.1 percent were removed from the market for different reasons. The small percentage of the sale is, however, not unusual.

In any given month, only a small number of homes sell compared to the overall number of homes listed for sale. Working with an aggressive real estate attorney who knows how to properly value homes relying on their location and condition is the key to entering the “sold group.” The attorney can also help the seller provide all necessary disclosures to prospective buyers.

More Traditional Homes and Fewer Foreclosures and Short Sales

Arlington Heights market recorded 98.2 percent of traditional home sales in June 2021. That represents a 0.7 percent drop compared to May 2021 and a 0.4 percent drop compared to June 2020. The market also had lower percentages of foreclosures and short sales in May and June 2021 and June 2020.

Are Home Values Appreciating or Depreciating in Arlington Heights?

Average home values in Arlington Heights increased by 14.68 percent between June 2020 and June 2021. They also increased by 2 percent between May 2021 and June 2021 (MoM).

Month over month (MoM) statics may be commonly reported across the housing sector, but they don’t usually reveal the true picture of home prices. Changes because of seasonal demand in the market can show that price declines MoM even when market prices keep on rising in the area. Looking at the average prices for a long period is the best way to understand the trend of house prices in Arlington Heights and Chicago at large.

Is Arlington Heights a Buyer’s or a Seller’s Market?

A buyer’s market exists when the supply surpasses demand, while a seller’s market exists when demand surpasses supply. Calculating the absorption rate is the best way to determine if Arlington Heights is a buyer’s or a seller’s market. The absorption rate is determined by dividing the sum of houses sold within a specified period by the sum of houses listed for sale in that market. The Arlington Heights market had 300 houses available for sale on July 01, 2021, with 122 houses sold in June 2021. The absorption rate is 2.46, indicating that Arlington Heights is presently a seller’s market.

Source: https://www.teambowersrealtors.com/reports/Arlington-Heights/how-is-the-real-estate-market-doing/

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