The inventory levels in most towns remained low. While there was a slight increase in certain areas, overall, the supply is still very tight. Despite mortgage rates remaining elevated, home prices have continued to rise. In Geneva, the median sales price increased by 10.1%, and in St. Charles, it saw a significant jump of 14%. If inventory continues to stay low and mortgage rates remain between 6.5% and 7%, I believe prices will keep rising into 2025.
As affordability continues to be a challenge, more homebuyers are turning to townhomes, especially first-time buyers and downsizers. Inventory in this segment has actually increased, yet prices continue to rise. The average median sales price for a townhome in St. Charles surged by 16%, reaching $369,900. Townhomes remain in high demand since it is nearly impossible to find single-family homes in towns like Geneva and St. Charles for under $350,000.
