A look at the Housing market in Aurora Illinois

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Creative Commons License photo credit: dougtone

Aurora, Illinois is a large city in the state and is the third most populous. It has been considered one of the fastest growing cities in the nation. It has a downtown area that contains lots of places for entertainment and the city itself has a long history of entertainment venues. Their yearly festival which is held for three consecutive weekends in the summer: “Downtown Alive” is frequented by many in Aurora and the surroundings areas. When it comes to architecture Aurora has some history as well. The famous architect George Grant Elmslie designed his largest collection of commercial buildings in Aurora. There is also a huge Blues festival held yearly in Aurora that attracts upwards of thirteen thousand attendees. While this area has been known for entertaining its populace, you might wonder about the real estate market in the area.

There are currently a little over fifteen hundred homes for sale on the market in Aurora, IL. At the end of this quarter a little over twelve hundred homes were sold. Those selling their homes are taking about sixty thousand less than their asking price. The average sale price is currently around one hundred and forty-four thousand dollars. The time that homes are on the market in Aurora is about one hundred and fifty-five days. That being said it’s pretty much still a buyers market in Aurora. Buyers are getting the homes and the prices they want.

The comparison to the sale of homes a year prior does not look good for Aurora as the price of homes that sold a year prior has decreased. There are thousands of homes in a state of pre-forclosure as well. This also doesn’t bode well for the housing market in Aurora. There was a slight increase in the sale price of homes at the end of this quarter, but nothing significant to show an upwardly mobile trend. Many Realtors in the area are not seeing the housing rebound that is readily available in other parts of Illinois. Since the areas in Aurora are very unique and can be vastly different, you should consult a professional to help you make your home sale in this large city.