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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Burbank is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Burbank, IL

How much do homes in Burbank, IL cost?

Median Sold Price

$290,816

$213/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$15,816(+5.8%)

Key Takeaway

Homes in Burbank have sold for 5.8% more than they did a year ago.

Summary: The median home sold price in Burbank was $290,816 in May 2024, up 5.8% from last year, and the median price per square foot was $213.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $109.9K-
N/A
2 $169.2K$220K
+30.0%
3 $265K$285K
+7.5%
4 $299K$332K
+11.0%
5+ $461.3K$390K
-15.5%

Summary: Burbank housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 30%, 3 bedroom homes increased by 7.5%, 4 bedroom homes increased by 11%, and 5+ bedroom homes decreased by 15.5%.

Median Sold Price Compared To Nearby Cities

Bridgeview
+9.6%
Stickney Township
+7.3%
Burbank
+5.8%
Oak Lawn
+4.5%

Housing Supply in Burbank, IL

How many homes are available in Burbank, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
7291+26.4%

Summary: The Burbank real estate market had 91 homes for sale in May 2024, a 26.4% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 74
-42.9%
3 4657
+23.9%
4 1320
+53.8%
5+ 610
+66.7%

Summary: The Burbank housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 42.9%, 3 bedroom homes increased by 23.9%, 4 bedroom homes increased by 53.8%, and 5+ bedroom homes increased by 66.7%.

Number of Homes Sold

Apr 2024May 2024CHANGE
2017-15.0%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Burbank, you may be able to get a good deal. 47.1% of homes here sold below asking price last month.

Summary: A total of 17 homes were sold or pending in Burbank in May 2024, down by 15.0% month-over-month. Of the 17 sold homes, 47% were sold under asking, 29% were sold at asking, and 24% were sold over asking.

Days on Market for Burbank, IL

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

Average Sale Time

May 2023May 2024CHANGE
25 Days27 Days+8.1%

Summary: Homes in Burbank had an average of 27 days on market in May 2024, up by 8.1% compared to last year.

Breakdown of Home Sale Times

12 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 17 homes were sold in Burbank; 71% of homes were sold within 30 days, 18% 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 8 Days Ago

Newest Listings in Burbank, IL

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