November Housing Market Update
Data from Realtor.com reveals that the median home listing price in Boone County reached $325,000 during November. This represents a 5.8% increase from October's figure of $307,287.
When compared to November 2024, the median price remained unchanged at $325,000.
Property Details and Market Activity
Homes in Boone County typically measured 1,922 square feet, with a listing price of $170 per square foot. The price per square foot showed an 8.2% rise from November 2024.
Properties moved quickly, spending a median of 43 days on the market. This is notably faster than the national median of 64 days and an improvement from October's 47 days.
New listings saw significant growth, with 44 homes entering the market in November. This marks a 37.5% increase from the 32 new listings recorded in November 2024.
Regional and National Comparisons
In the broader Rockford metro area, median home prices held steady at $248,888, unchanged from October. Properties in this region averaged 1,749 square feet at $137 per square foot.
Across Illinois, the median home price was $299,900, showing a slight decline from the previous month. Illinois homes averaged 1,659 square feet with a price of $180 per square foot.
Nationally, the median home price stood at $415,000, also experiencing a minor decrease. American homes for sale typically measured 1,820 square feet at $222 per square foot.
Understanding Median Prices
The median price represents the midpoint of all listed properties during the specified period. Experts emphasize that median prices provide a more accurate market picture than averages, which can be distorted by exceptionally high or low values.
It's important to note that Realtor.com's data focuses on listed properties rather than completed sales, and primarily includes single-family homes, condominiums, and townhomes while excluding most new construction and pending sales.
