Aurora Real Estate on the Rise: April 2024 Sees Property Values Soar

The real estate market in Aurora, Illinois, has demonstrated consistent growth over several months, with property values and prices per square foot indicating an upward trajectory.

In April 2024, the average property value in Aurora reached $263,900, seeing a noticeable increase from the $229,950 observed in September the previous year. This upward trend is further reflected in the price per square foot for properties, which climbed from $173 to $190 over the same period.

The health of a real estate market is often assessed by looking at the inventory of available properties and the number of sales in recent months. In this regard, Aurora’s has seen a mild decline: sold homes dropped from 84 in September 2023 to 71 in April 2024. The number of sold homes peaked in October 2023 with 1477 sold homes; in March this year that number had declined to 1,213.

The average sale price of properties in Aurora is right now $271,008; the sale price per square foot averaging $188.

Comparative Real Estate Trends in Nearby Cities

Next, let’s take a look at the current trends in nearby cities:

• North Aurora saw average property values surge from $274,950 in January 2024 to $304,900 in April of the same year. This trend in price growth, especially over a short time frame, signifies a strong demand in the North Aurora market.
• The most expensive market among Aurora’s neighbors is Warrenville, where the average property value stands at $471,950 in April 2024 with a price per square foot of $237. However, it is important to note that this is based on a significantly smaller number of homes on sale, which might cause the average value to be less representative of the broader market than in cities with more property sales.
• In Batavia, the average property value hits the $400,000 mark with a price per square foot of $212. Batavia also recorded an average sale price of $398,869 and a sale price per square foot of $203.
• Montgomery had 17 properties available in April 2024; the average property value in Montgomery is competitive with Aurora’s, sitting at $255,000, with a sale price per square foot of $182.

These comparative figures underscore that the real estate market in Aurora and its vicinity is active, with varying degrees of property valuation growth and sales volume. Buyers and sellers in these areas will find their respective markets marked by distinct trends that could influence their decisions in real estate investment or homeownership.