Is McLean County, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing McLean County is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in McLean County, IL

How much do homes in McLean County, IL cost?

Median Sold Price

$234,373

$106/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$24,305(+11.6%)

Key Takeaway

Homes in McLean County have sold for 11.6% more than they did a year ago.

Summary: The median home sold price in McLean County was $234,373 in May 2024, up 11.6% from last year, and the median price per square foot was $106.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $122.5K$136.5K
+11.4%
2 $139.5K$151.2K
+8.4%
3 $199.9K$215K
+7.5%
4 $299.9K$325K
+8.3%
5+ $322.4K$280K
-13.2%

Summary: McLean County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.4%, 2 bedroom homes increased by 8.4%, 3 bedroom homes increased by 7.5%, 4 bedroom homes increased by 8.3%, and 5+ bedroom homes decreased by 13.2%.

Median Sold Price Compared To Nearby Counties

Piatt County
+23.6%
Woodford County
+19.6%
McLean County
+11.6%
Ford County
+10.7%
De Witt County
+6.6%

Housing Supply in McLean County, IL

How many homes are available in McLean County, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
550650+18.2%

Summary: The McLean County real estate market had 650 homes for sale in May 2024, a 18.2% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 47
+75.0%
2 92105
+14.1%
3 250283
+13.2%
4 170209
+22.9%
5+ 3446
+35.3%

Summary: The McLean County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 75%, 2 bedroom homes increased by 14.1%, 3 bedroom homes increased by 13.2%, 4 bedroom homes increased by 22.9%, and 5+ bedroom homes increased by 35.3%.

Number of Homes Sold

Apr 2024May 2024CHANGE
151192+27.2%

Asking Price vs. Sold Price

70 Homes Were Sold
Under Asking

36 Homes Were Sold
At Asking

86 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in McLean County, you could pay more than the asking price. 44.8% of homes here sold above asking price last month.

Summary: A total of 192 homes were sold or pending in McLean County in May 2024, up by 27.2% month-over-month. Of the 192 sold homes, 36% were sold under asking, 19% were sold at asking, and 45% were sold over asking.

Days on Market for McLean County, IL

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

Average Sale Time

May 2023May 2024CHANGE
21 Days32 Days+49.1%

Summary: Homes in McLean County had an average of 32 days on market in May 2024, up by 49.1% compared to last year.

Breakdown of Home Sale Times

156 Homes Were Sold
Under 30 Days

17 Homes Were Sold
In 30 - 90 Days

19 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 192 homes were sold in McLean County; 81% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 10% 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 1 Day Ago

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