Is Cherry Valley, IL 61016 a buyer’s or seller’s market?
Cherry Valley is a seller’s market. With about 1.2 months of supply and 62% of recent sales closing above the original list price, competing offers are common on well-priced homes. Buyers here often have a pre-approval in hand and a plan for the appraisal gap before touring.
The Cherry Valley housing market right now
In the three months ending August 31, 2026, 62% of homes in Cherry Valley, IL 61016 sold above their list price, the typical home went under contract in 27 days and there were 1.2 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 13 home sales.
Compared with the same period a year earlier, the share selling over asking fell from 64%, homes sold more slowly (7 days then) and the median sale price rose 17% to $306,867. Overall, Cherry Valley is less competitive than a year ago, which gives buyers more room.
Within Winnebago County, homes here sell more slowly than in 94% of the county’s ZIP codes, and sell more often over asking than in 88%.
Nearby, buyers who want less competition could look at Rockford 61104 (25% sold over asking) or Durand 61024 (29% sold over asking).
Run the numbers for 61016
Nearby markets
Durand 61024Seller’s market $161 /sq ftLoves Park 61111Seller’s market $149 /sq ftMachesney Park 61115Seller’s market $151 /sq ftPecatonica 61063Seller’s market $158 /sq ft Browse all markets →Towns like Cherry Valley nearby
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Questions about Cherry Valley real estate
Is Cherry Valley a buyer’s or seller’s market?
A seller’s market: there were 1.2 months of supply in Cherry Valley, IL 61016 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in Cherry Valley?
The typical home went under contract in 27 days in the latest three months.
Do homes in Cherry Valley sell over asking?
62% of homes sold above their original list price, and the typical sale closed at 102.8% of the list price.
What are property taxes in Cherry Valley?
About 2.39% of a home’s value a year in Winnebago County, or roughly $9,560 on a $400,000 home.
What is the median home price in Cherry Valley?
The median sale price was $306,867 in the three months ending August 31, 2026, about $175 per square foot.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology