A Year in Review: The Oswego, Illinois Real Estate Market in the Last 12 Months

The Oswego, Illinois real estate market has experienced significant changes over the past year, marked by decreasing new listings and closed sales but increasing home prices. In this challenging market, both buyers and sellers have had to adapt to new conditions. Here's a closer look at the past 12 months in the Oswego real estate market.

The Reduction in Listings and Sales

New listings in Oswego have seen a drop of 22.2% over the last year, indicating a slowing market in terms of availability. This drop in new listings has contributed to a decline in closed sales, which fell by 24.8%. A lower number of transactions, however, doesn't tell the full story of the market dynamics in Oswego.

Inventory and Price Trends

Inventory has also decreased in Oswego, down by 6.8%. At the end of April, only 68 single family homes were for sale in the entire Oswego market. This tightened supply is a significant factor contributing to the rise in home prices in the area.

The average sales price in Oswego has risen from $320,000 to $364,000, marking a notable increase of 9.5%. This appreciation is a positive indicator for homeowners and potential sellers, showing that property value in Oswego is on the rise. Additionally, homes are still averaging over list price for closed sales, suggesting strong demand despite the lower transaction volume.

What This Means for Buyers and Sellers

For buyers, the reduced inventory and rising prices in Oswego present challenges. However, the increase in average sales price indicates solid investment potential in the Oswego market. Buyers should be prepared to act quickly and decisively in this competitive market.

For sellers, the market trends are largely positive. Despite the reduced number of transactions, the rising average sales price and strong demand for properties suggest a sellers' market. For those considering selling, now may be an excellent time to take advantage of these favorable conditions.

As we navigate 2023, we will continue to monitor these trends in the Oswego real estate market. Despite the market's challenges, Oswego's appeal remains strong, reflected in its growing property values. Stay informed and ready to adjust to changing market conditions, whether you're planning to buy or sell. Stay tuned to our blog for the latest updates and insights on the Oswego real estate market.