Gurnee Real Estate Market Update for 2024

The Gurnee real estate market in 2024 has demonstrated steady growth and opportunities for buyers, sellers, and investors. Below is a detailed analysis of the market trends and key takeaways to guide your real estate decisions.

Key Statistics

• Total Listings: 278 properties were listed.

• Closed Sales: 215 properties successfully sold.

• Under Contract: 45 properties are still under contract.

• Average Market Time: Homes spent an average of 29 days on the market.

• Sales Price to List Price Ratio: On average, homes sold for 98.5% of their original listing price.

Monthly Trends

Monthly analysis reveals how the market evolved over the year:

• Most Active Months: June led with 30 transactions, followed by July with 28 and August with 26 transactions.

• Least Active Month: February saw only 12 transactions, highlighting a seasonal slowdown.

• Market Efficiency: November recorded 20 transactions with shorter market times, as motivated sellers pushed to close deals before year-end.

Seasonal Insights

Seasonal trends provide insights into buyer and seller behavior:

• Winter (Dec-Feb): Saw 45 transactions with an average SP/LP ratio of 97.8%, reflecting steady demand.

• Spring (Mar-May): Spring was the busiest season, closing 80 transactions with an SP/LP ratio of 99.1%.

• Summer (Jun-Aug): Delivered 84 transactions and an average market time of 25 days, showcasing peak activity.

• Fall (Sep-Nov): Ended with 61 transactions and an SP/LP ratio of 98.3%.

Neighborhood Trends

Gurnee’s subdivisions had notable performances:

• Grandwood Park: Dominated with 35 closed transactions, averaging a market time of 21 days and an SP/LP ratio of 98.8%.

• Providence Village: Accounted for 28 transactions, with homes selling in an average of 23 days and achieving an SP/LP ratio of 99.5%.

• Stonebrook Estates: Registered 20 transactions with an SP/LP ratio of 97.9%, reflecting steady interest.

• Other Neighborhoods: Combined for 132 transactions, with an average market time of 31 days and an SP/LP ratio of 98.4%.

Bedroom-Specific Insights

• 2-Bedroom Homes: Represented 48 listings, averaging 32 days on the market. These appealed to downsizers and first-time buyers.

• 3-Bedroom Homes: Led with 110 transactions, offering a versatile choice for families and first-time buyers.

• 4-Bedroom Homes: Closed 57 transactions with an average market time of 26 days, signaling strong demand for spacious homes.

What This Means for You

• For Sellers: The spring and summer seasons offer the best opportunities to sell quickly and achieve competitive pricing.

• For Buyers: Winter months present less competition, while spring brings more options.

• For Investors: Neighborhoods like Grandwood Park and Providence Village show strong turnover and pricing stability, making them attractive options.

Conclusion

The Gurnee real estate market in 2024 offers diverse opportunities for buyers, sellers, and investors. Staying informed about trends and market dynamics is key to success. Contact The Dick Barr Group for expert advice and assistance to make the most of the Gurnee market.