January 2023 - Dunlap IL Real Estate Market Update
Market Update on New Listings in Dunlap
The number of homes listed for sale in Dunlap in 2022 was 535, which is the lowest it has been in 7 years. In 2021, there were 582 homes listed for sale in Dunlap, and this number was relatively steady for 3 years. Just 5 years prior, there were 824 homes listed for sale in Dunlap, about 35% more than in 2022.
Sold Properties in Dunlap
In 2022, there were 511 properties sold in Dunlap. This is a 6% decrease from the previous year, when 539 properties were sold in Dunlap. In the past 8 years, the average number of homes sold was 439, 15% lower than the 2022 number.
Average Sold Price in Dunlap
In Dunlap in 2022, the average sold price for homes was $317,446. As is expected with the market conditions last year, this average sold price is significantly higher than the same data point in 2021, when the average sold price in Dunlap was $296,05, which is 7% lower than 2022. In just three years, from 2019 to 2022, the average sold price for homes in Dunlap increased about 20% from $254,405 to $317,446.
Dunlap's Median Sales Price
In 2022 in Dunlap, the median sales price was $304,208, which is a record high for the second year in a row. The median sales price in Dunlap in 2022 surpassed the $300,000 mark for the first time, a distinct data point that communicates the demand for homes in Dunlap and the market conditions last year.
Average Days on the Market in Dunlap
Homes in Dunlap in 2022 were on the market for an average of 25 days. The average days on the market in Dunlap in 2021 was 33, which is 25% higher. When compared to the 7 previous years, the average DOM in Dunlap in 2022 was 70% lower than average.
Median DOM for Dunlap Homes
In 2022, the median DOM for homes in Dunlap was 9. This reflects the high demand for homes in this area last year, nearly 87% lower than the median DOM just 5 years ago in 2017, when the median DOM was 69. As you observe the median DOM for homes in Dunlap in recent years, one thing is obvious: these homes are entering and exiting the market at record speed.
Average Number of Properties for Sale in Dunlap
In December of 2022 in Dunlap, the average number of homes for sale at any given time was 44. This is about an 11% increase from December of 2021, when the average number of properties for sale was 39. With the exception of December 2021, we saw the lowest average number of homes for sale in Dunlap in December 2022 in years.
Supply vs. Demand - Dunlap Absorption Rate
Real estate experts consider anything less than 3 months' supply of housing inventory to be a seller's market. This means that if no other homes were added to the market, the current listings would be gone within 3 months of demand.
In Dunlap in December 2022, there was 1 month of supply. This means that for the third year in a row, Dunlap's real estate market was a seller's market without question.
So what do all these numbers tell us? The bottom line is homes in Dunlap are holding on to their value and continuing to increase, and even as market conditions shift we see a steady demand for homes in this desirable community. The inventory available keeps the Dunlap market solidly in the "seller's market" category, placing sellers in a strong position to quickly sell their homes for top dollar.