January 2023 - Bartonville IL Real Estate Market Update
Market Update on New Listings in Bartonville
There were 172 homes listed for sale in Bartonville in 2022, down from 215 homes listed for sale in 2021 and 224 listed homes for sale in 2020. This decrease brings the number to the lowest it has been in years.
Sold Properties in Bartonville
The total number of homes sold in Bartonville in 2022 was 162. This is the lowest number since 2019. In 2020, there were 175 total homes sold in Bartonville, and there were 196 homes sold in Bartonville in 2021.
Average Sold Price in Bartonville
In a continued pattern of increasing prices that has been present in recent years, The average sold price of homes in Bartonville in 2022 was $138,770. In 2021, the average sold price of homes in Bartonville was $129,313, and it was $113,457 in 2020. In just 6 years, the average sold price of homes in Bartonville has increased by over $32,000.
Bartonville's Median Sales Price
Bartonville's median sales price for homes in 2022 was $126,300. This was a small increase over 2021's median sales price in Bartonville of $121,229, but is significantly higher than the 2020 Bartonville median sales price for homes, which was $106,641.
Average Days on the Market for Sold Homes in Bartonville
In Bartonville in 2022, the average days on the market (DOM) were 27. In spite of changing market conditions, this number was much lower than in previous years. In 2021, the average DOM in Bartonville was 35, and in 2020 it was 59. Just 6 years ago, the average DOM in Bartonville was 50 more (nearly triple) than it was last year.
Median DOM for Sold Homes in Bartonville
The median DOM for sold homes in Bartonville in 2022 was 12. In 2021, the median DOM in Bartonville was 18, and it was 30 in 2020. The speed at which homes in Bartonville are sold has steadily increased in recent years, with strong demand for the homes available.
Average Number of Properties for Sale in Bartonville
The average number of properties for sale in Bartonville during 2022 was down from the previous year and was just 24% of what it was in 2019. In 2022, the average number of properties for sale was 14, compared to 22 properties for sale in 2021 and 36 in 2020.
Supply vs. Demand - Bartonville Absorption Rate
Inventory is down in Bartonville, continuing a pattern that we have seen in recent years. There was about 1 month of supply in Bartonville in 2022. In 2021, there was 1.3 months of inventory, and in 2020 there was 2.5 months of inventory in Bartonville. With only about 1 month's supply of housing inventory in Bartonville, the market remains markedly a seller's market with demand continuing to outpace housing supply.
As we look at all the data from 2022, and compare it to years prior, one thing is clear: Bartonville remains a seller's market with strong demand for homes that are selling quickly and for more than ever before. While there was a decrease in homes sold in 2022, this is directly related to a decrease in homes listed rather than a slowing of demand. This means homeowners considering selling their homes in Bartonville are in a strong position to receive the offers they are hoping for.
To learn more about what your home is worth or the current market conditions in Bartonville, contact us any time. Now is a great time to sell, and we can help.