Housing Market News: 12/2/24-12/6/24
Housing Market
Housing Market
Millennials are the largest group of homebuyers in 2024, making up 38% of the home buying market. The majority of today's homebuyers prefer a newly built home. New-home sales across the entire market typically average between 10% and 15% of total transactions, and total volume is more of a reflection of supply than demand.
Millennials are taking out larger home loans in the past few years. In 2022, the median loan amount for mortgages taken out by applicants age 25–34 was $315,000, and $365,000 for applicants age 35–44--higher than any other age group. Similarly, the loan-to-value ratio—or the amount of the mortgage compared to the sale price of the home—was 87% for 25- to 34-year-olds and 80% for 35- to 44-year-olds.
The median sale price of a home in Wheaton, IL was $427K last month. The median sale price per square foot in Wheaton is $224, up 5.4% since last year.
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Your Guide to Fun this Fall in the Western Suburbs of Chicago
The principal is the money that you originally agreed to pay back.Â
It's refreshing and simple and is perfect to enjoy on your back patio this summer.
This trendy Mexican restaurant offers a range of traditional dishes made with fresh, high-quality ingredients.
Welcome to The Thornton Team Residential, your premier real estate experts in Wheaton, Glen Ellyn, and Chicago Suburbs. As a top 1.5% producing team, we understand that a home is more than a property, it's about community. Led by Michael Thornton, a top-tier member of NAR with a proven track record, we are dedicated to making your real estate journey seamless. Join us in finding not just a house but a place full of awesome memories that you call home.