Is 60048, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 60048 is a seller's market

Buyer's
Market

Difference Since September 2023

Since last year, 60048 has remained a Seller's Market.

Key Takeaway

60048 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 60048, IL

How much do homes in 60048, IL cost?

Median Sold Price

$565,000

$230/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$40,000(+7.6%)

Key Takeaway

Homes in 60048 have sold for 7.6% more than they did a year ago.

Summary: The median home sold price in 60048 was $565,000 in September 2024, up 7.6% from last year, and the median price per square foot was $230.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 -$141K
N/A
2 $239.7K$250K
+4.3%
3 $365K$425K
+16.4%
4 $600K$660K
+10.0%
5+ $800K$725K
-9.4%

Summary: 60048 housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 4.3%, 3 bedroom homes increased by 16.4%, 4 bedroom homes increased by 10%, and 5+ bedroom homes decreased by 9.4%.

Median Sold Price Compared To Nearby Zip Codes

60044
+30.7%
60045
+10.5%
60061
+9.5%
60048
+7.6%
60060
-3.2%

Housing Supply in 60048, IL

How many homes are available in 60048, IL?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
105117+11.4%

Summary: The 60048 real estate market had 117 homes for sale in September 2024, a 11.4% increase compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 00
0.0%
2 1113
+18.2%
3 4245
+7.1%
4 3442
+23.5%
5+ 1817
-5.6%

Summary: The 60048 housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 18.2%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 23.5%, and 5+ bedroom homes decreased by 5.6%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
3726-29.7%

Asking Price vs. Sold Price

14 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 60048, you may be able to get a good deal. 53.8% of homes here sold below asking price last month.

Summary: A total of 26 homes were sold or pending in 60048 in September 2024, down by 29.7% month-over-month. Of the 26 sold homes, 54% were sold under asking, 8% were sold at asking, and 38% were sold over asking.

Days on Market for 60048, IL

How long does it take to sell a home in 60048, IL?

Average Sale Time

Sep 2023Sep 2024CHANGE
17 Days40 Days+138.3%

Summary: Homes in 60048 had an average of 40 days on market in Sep 2024, up by 138.3% compared to last year.

Breakdown of Home Sale Times

21 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 60048 are selling fast, if you're buying plan to act quickly.

Summary: During September 2024, 26 homes were sold in 60048; 81% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated Sep 1, 2024

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