Home sale prices are up in this metro-east county. How competitive is the market?
Belleville’s housing market is considered “somewhat competitive” by brokerage site Redfin, and some metro-east areas have seen prices decrease in the last month, but Madison County buyers are paying more.
The median home sale price in St. Clair County dipped in late August to $158,750 from $212,000 at the middle of the month. Washington County’s median sale price is also down, from $239,500 Aug. 22 to $115,000 Aug. 29.
Home prices in Madison County are up, with a median sale price of $178,500 as of Aug. 29 compared to $159,416 Aug. 15.
Redfin’s competitiveness score for Belleville’s real estate market over the past three months is 63 out of 100, with 100 representing the most competitive. Belleville’s median sale price is $160,000, according to Redfin, which is a 0.6% increase from last August.
Fewer Belleville homes were sold last month than in August 2021, with a decrease of 12.3%. Homes also stayed on the market longer, with a median of 37 days on the market compared to 34 days last year.
Here are median home sale prices in St. Clair, Madison and Washington counties, from Redfin:
Note: This interactive graphic will automatically update as new data become available.
Madison County has had a median home sale price increase of 6.3% year-over-year, according to Redfin, and houses are on the market for about two fewer days than last year.
Belleville homes have a median value of $136,311, according to Zillow data, a 15.2% increase from last year. There are 97 agent listings on Zillow for single-family homes in Belleville as of Friday, with asking prices ranging from $16,900 to $850,000.
Those looking to enter the metro-east real estate market can utilize best practices to prepare for the process and make their offer as attractive as possible. Here’s some buying advice from Angie Zahn, a licensed real estate agent and managing broker based in New Baden:
Work with a real estate agent you trust. It’s best to work with someone who won’t rush you through the process or push you to make an offer on a home prematurely.
Be educated about the documents you’ll need and secure a pre-approval letter from a local lender before placing your offer.
Examine your agent’s market analysis and ask your real estate agent any questions you may have.
Be ready to make an offer if the home seems like a good fit. While it’s possible you may have the opportunity to sleep on it before making a decision, the likelihood of entering into a multi-offer situation means you could lose a home if you take too long.
