January 2023 - Morton IL Real Estate Market Update
Market Update on New Listings in Morton
There were 251 homes listed for sale in Morton in 2022. This number is significantly lower than every previous year, a 32% decrease from the number of new listings in Morton in 2021, which was 364. The average number of new listings in the previous 7 years was 382, 35% higher than the number in 2022.
Sold Properties in Morton
In 2022, there were 275 properties sold in Morton. In 2021, there were 356 properties sold in Morton, 23% more than in 2022. This number has fluctuated and may be returning closer to the average for Morton over the past 7 years, which is 302. The number of properties sold is directly related to the high demand and limited inventory in Morton, two solid markers of a seller's market.
Average Sold Price in Morton
The average sold price in Morton in 2022 reached a record high at $259,361. When you compare the average of all average sold prices between 2015 and 2019 to the average sold price in 2022, the increase of 33% from $200,474 to $259,361 is dramatic.
Morton's Median Sales Price
In 2022, the median sales price in Morton was $236,381. Like the average sold price in Morton in 2022, this was a record high for the city. It was also a 10% increase from 2021 and a 29% increase from 2019's median sales price.
Average Days on the Market for Morton
The average days on the market in Morton were down by nearly 50% in just one year, from 27 in 2021 to 15 in 2022. The speed at which homes in Morton leave the market has rapidly increased in recent years, a 15 average DOM last year an 80% decrease from the 72 average DOM in 2016.
Median DOM for Morton Homes
In 2022, the median DOM for Morton homes was 4. In 2020 the median DOM was 14, and in 2021 it was 11. The sharp decline from 2016's median DOM of 48 represents the high demand for the limited number of properties for sale in Morton.
Average Number of Properties for Sale in Morton
The average number of properties for sale during December 2022 was 9. This number is down 40% from the average number of properties for sale in December 2021, which was 15. Just 7 years ago in 2015, the average number of properties for sale in Morton was 92, over 90% more than last year.
Supply vs. Demand - Morton Absorption Rate
Real estate experts define a market as a seller's market if there is less than 3 months' inventory, a buyer's market if there is more than 6 months' inventory, and a balanced market if it is between. Inventory is calculated by comparing the number of properties on the market to the number of buyers looking for those properties.
In Morton, there was less than half a month of inventory, at 0.4 months in December 2022. Another way to say it is this: Morton is experiencing a significant imbalance between supply and demand, making it a seller's market without question.
If you are considering selling your home in Morton, these conditions are ideal. With such limited inventory on the market, record highs for average sales prices, and such a low average DOM, you can confidently expect an efficient and successful home sale. To find out more about what your home in Morton might sell for or learn more about the Morton real estate market, contact us any time!
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