Edison Park Homes For Sale

Edison Park Housing Market Trends

Edison Park's housing market is currently exhibiting a level of competition that makes it an appealing area for both buyers and sellers. With a notable increase in prices and a quicker selling time, the market shows signs of vitality and growth.

Market Trends and Performance

• Pricing Trends: The median sale price of a home in Edison Park was $420K last month, marking a remarkable increase of 14.3% since last year. Simultaneously, the median sale price per square foot has reached $251, reflecting the same percentage growth over the previous year.
• Selling Time: On average, homes in Edison Park sell in about 48 days, with hot properties going pending in an impressive 25 days. This selling time is down from the previous year's average of 44 days, highlighting a segment of buyers who are more decisive and ready to act quickly.
• Price Negotiation: While the average homes sell for around the list price, hot homes can sell for about 2% above the list price. This demonstrates the nuanced nature of the market where certain properties are attracting strong interest and commanding higher prices.

June 2023 Snapshot:

In June 2023, Edison Park home prices were up 14.3% compared to the previous year, selling for a median price of $420K. There were 53 homes sold in June this year, down from 72 last year. This decrease in sales volume might be a point of interest for market watchers, possibly reflecting a tighter supply or more selective buying.

Edison Park Competitive Landscape

Edison Park's market competitiveness is seen in various ways:

• Homes Selling Time: Homes sell in 48 days, faster than the previous year's average.
• Multiple Offers: Some homes receive multiple offers, underlining the competition for desirable properties.
• Hot Homes Performance: These properties are of particular interest, selling for about 2% above the list price and going pending in around 25 days. This adds a layer of complexity to the market, rewarding those who act promptly.

Insights

Edison Park's housing market offers a compelling blend of opportunities and rewards. While the overall trend shows growth in home prices and a reduction in selling time, it remains somewhat competitive, indicating that the market is neither overly saturated nor too sluggish.

For those interested in investing, buying, or selling, understanding these dynamics could offer essential insights for decision-making. The market's current state suggests that Edison Park may be an appealing destination for a diverse array of real estate needs, possibly drawing attention for its growth potential and competitive nature.