Is Burbank, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Burbank has remained a Seller's Market.
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
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
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $109.9K | - | N/A |
2 Bedrooms | $169.2K | $220K | +30.0% |
3 Bedrooms | $265K | $285K | +7.5% |
4 Bedrooms | $299K | $332K | +11.0% |
5+ Bedrooms | $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 | $250K | $274K | +9.6% |
Stickney Township | $265.7K | $285.1K | +7.3% |
Burbank | $275K | $290.8K | +5.8% |
Oak Lawn | $244.2K | $255.1K | +4.5% |
Housing Supply in Burbank, IL
How many homes are available in Burbank, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
72 | 91 | +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
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 7 | 4 | -42.9% |
3 Bedrooms | 46 | 57 | +23.9% |
4 Bedrooms | 13 | 20 | +53.8% |
5+ Bedrooms | 6 | 10 | +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 2024 | May 2024 | CHANGE |
---|---|---|
20 | 17 | -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
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 2023 | May 2024 | CHANGE |
---|---|---|
25 Days | 27 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
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.