Is 60416, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 60416 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 60416 has remained a Seller's Market.

Key Takeaway

60416 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 60416, IL

How much do homes in 60416, IL cost?

Median Sold Price

$255,000

$161/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$10,000(+4.1%)

Key Takeaway

Homes in 60416 have sold for 4.1% more than they did a year ago.

Summary: The median home sold price in 60416 was $255,000 in October 2024, up 4.1% from last year, and the median price per square foot was $161.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $89.9K$75K
-16.6%
2 $180K$215K
+19.4%
3 $225K$255K
+13.3%
4 $340K$355K
+4.4%
5+ $395K$385K
-2.5%

Summary: 60416 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 16.6%, 2 bedroom homes increased by 19.4%, 3 bedroom homes increased by 13.3%, 4 bedroom homes increased by 4.4%, and 5+ bedroom homes decreased by 2.5%.

Median Sold Price Compared To Nearby Zip Codes

60481
+12.7%
60408
+10.4%
60407
+5.6%
60416
+4.1%
60450
-1.1%

Housing Supply in 60416, IL

How many homes are available in 60416, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
2732+18.5%

Summary: The 60416 real estate market had 32 homes for sale in October 2024, a 18.5% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 66
0.0%
3 1417
+21.4%
4 57
+40.0%
5+ 22
0.0%

Summary: The 60416 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 21.4%, 4 bedroom homes increased by 40%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
108-20.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 60416, you could pay more than the asking price. 62.5% of homes here sold above asking price last month.

Summary: A total of 8 homes were sold or pending in 60416 in October 2024, down by 20.0% month-over-month. Of the 8 sold homes, 25% were sold under asking, 13% were sold at asking, and 63% were sold over asking.

Days on Market for 60416, IL

How long does it take to sell a home in 60416, IL?

Average Sale Time

Oct 2023Oct 2024CHANGE
15 Days25 Days+70.8%

Summary: Homes in 60416 had an average of 25 days on market in Oct 2024, up by 70.8% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 60416 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 8 homes were sold in 60416; 63% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 0% 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 5 Days Ago

Newest Listings in 60416, IL

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