January 2023 - Metamora IL Real Estate Market Update
Market Update on New Listings in Metamora
In 2022, there were 238 homes listed for sale in Metamora. This is the lowest number in recent years by far. The average number of homes for sale each year over the past 8 years was 333, nearly 100 more than last year. The number of new listings in Metamora in 2022 was nearly 30% lower than the 8-year average.
Sold Properties in Metamora
There were 236 properties sold in Metamora in 2022, which is about 13% less than the number of properties sold in Metamora in 2021. The number of properties sold in Metamora has averaged 239 since 2015, comparable to the market in 2022.
Average Sold Price in Metamora
The highest average sales price in years in Metamora was seen in 2022, at $249,720. This is a 5% increase over the average sold price in Metamora in 2021, which was $237,483. Just 4 years ago in Metamora, the average sold price was $191,101, 25% lower than 2022.
Metamora's Median Sales Price
In 2022, the median sales price in Metamora was $230,112. This is 7% higher than the median sales price in 2021, which was $214,970. Sales price in Metamora have seen a steep and steady increase in recent years.
Average Days on the Market for Metamora
Homes in Metamora are selling at record-breaking speeds, with just 27 days on the market on average in 2022. This is the lowest average DOM in years, nearly 70% lower than the average DOM just 4 years ago. It is clear that the demand for homes in Metamora in 2022 allowed sellers to sell their homes in record speed.
Median DOM for Metamora Homes
The median DOM in 2022 for Metamora homes was 8 days, the lowest in years. In 2021, the median DOM in Metamora was 11, also a record low. Previously to 2021, the average median DOM over the past 6 years was 50, about 85% higher than the median DOM in 2022.
Average Number of Properties for Sale in Metamora
In December 2022, the average number of properties for sale in Metamora was 20. The average number of properties for sale in December 2021 was 24. The average number of properties for sale in December 2022 was 81% lower than December 2016, when the average number of properties for sale in Metamora in December peaked at 105.
Supply vs. Demand - Metamora Absorption Rate
Metamora is without question experiencing a seller's market. Real estate experts define a seller's market as any in which there is less than a 3 month's supply, and in December 2022 Metamora had one month's supply of inventory. This is measured by comparing supply and demand; in other words, the number of properties on the market would be outpaced by the number of buyers actively looking to purchase those properties within one month if no other properties were listed.
The bottom line is this: anyone interested in selling their home in Metamora is in an excellent position to receive strong offers for higher than ever before and sell their home quickly. You may be hearing that the market is shifting, but Metamora sellers remain in a strong position in this market.
To learn more about what your home in Metamora is worth or how we can help you with a successful home sale, contact us any time.
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