Grayslake Real Estate Market Update for 2024

The Grayslake real estate market over the past 12 months has been dynamic and full of opportunity. Here’s a comprehensive breakdown of the trends and insights that can guide buyers, sellers, and investors in 2024.

Key Statistics

• Total Listings: 432 properties were listed.

• Closed Sales: 359 properties successfully sold.

• Under Contract: 33 properties are still under contract.

• Average Market Time: Homes spent an average of 24 days on the market.

• Sales Price to List Price Ratio: On average, homes sold for 99.52% of their original listing price.

Monthly Trends

Monthly analysis reveals distinct patterns in activity:

• Most Active Months: July was the most active month with 52 transactions, followed by June with 50 and August with 48 transactions, reflecting seasonal demand.

• Least Active Month: February saw the fewest transactions with only 18 properties listed.

• Market Efficiency: November (32 transactions) and December (29 transactions) properties showed shorter market times as motivated buyers acted before year-end.

• Pricing Trends: The average SP/LP ratio peaked in March at 101%, suggesting strong buyer confidence and competitive pricing.

Seasonal Insights

• Winter (Dec-Feb): A total of 65 transactions occurred, with an average SP/LP ratio of 98.2%, indicating solid demand despite lower listing volumes.

• Spring (Mar-May): Spring saw 130 transactions with an average SP/LP ratio of 100.5%, making it the best time for sellers to maximize pricing.

• Summer (Jun-Aug): Dominated by activity, summer had 150 transactions with an average market time of 22 days and an SP/LP ratio of 99.8%.

• Fall (Sep-Nov): Fall closed with 114 transactions, maintaining strong performance with an average SP/LP ratio of 99.3%.

Neighborhood Trends

Grayslake’s subdivisions showed notable variations:

• Saddlebrook Farms: Accounted for 75 closed transactions, with an average market time of 18 days and an SP/LP ratio of 99.6%.

• Prairie Crossing: Had 43 closed transactions, averaging a market time of 20 days and an SP/LP ratio of 101%, making it the top-performing neighborhood for pricing.

• West Trail: Recorded 35 transactions, with homes spending an average of 25 days on the market and achieving an SP/LP ratio of 98.5%.

• Other Neighborhoods: Combined, these areas represented 206 transactions with an average market time of 27 days and an SP/LP ratio of 99.1%.

Bedroom-Specific Insights

• 2-Bedroom Homes: Represented 102 listings with an average market time of 34 days. These were popular among first-time buyers.

• 3-Bedroom Homes: Dominated the market with 177 listings, offering a balance of affordability and space for families.

• 4-Bedroom Homes: Averaged the shortest market time (19 days), reflecting strong demand among larger households.

What This Means for You

• For Sellers: Spring and summer remain the best times to list, with shorter market times and competitive pricing.

• For Buyers: Fall and winter can offer opportunities for less competition and motivated sellers.

• For Investors: Identifying high-demand neighborhoods like Saddlebrook Farms or Prairie Crossing can yield faster turnovers and stable returns.

Conclusion

Grayslake’s real estate market is diverse and promising, with opportunities for all types of participants. Whether you’re planning to buy, sell, or invest, staying informed about these trends will help you make smarter decisions. Contact The Dick Barr Group for expert insights and personalized guidance to navigate the market effectively.