Is 60502, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 60502 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 60502 has remained a Seller's Market.

Key Takeaway

60502 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 60502, IL

How much do homes in 60502, IL cost?

Median Sold Price

$400,000

$213/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$26,100(+7.0%)

Key Takeaway

Homes in 60502 have sold for 7% more than they did a year ago.

Summary: The median home sold price in 60502 was $400,000 in October 2024, up 7% from last year, and the median price per square foot was $213.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $292.5K$305.5K
+4.4%
3 $350.7K$396.6K
+13.1%
4 $584.9K$647.8K
+10.7%
5+ $672.9K$831K
+23.5%

Summary: 60502 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 4.4%, 3 bedroom homes increased by 13.1%, 4 bedroom homes increased by 10.7%, and 5+ bedroom homes increased by 23.5%.

Median Sold Price Compared To Nearby Zip Codes

60505
+17.8%
60504
+12.5%
60555
+8.6%
60502
+7.0%

Housing Supply in 60502, IL

How many homes are available in 60502, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
7779+2.6%

Summary: The 60502 real estate market had 79 homes for sale in October 2024, a 2.6% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 11
0.0%
2 2428
+16.7%
3 3327
-18.2%
4 1416
+14.3%
5+ 57
+40.0%

Summary: The 60502 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 increased by 16.7%, 3 bedroom homes decreased by 18.2%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes increased by 40%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2729+7.4%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 60502, you may be able to get a good deal. 55.2% of homes here sold below asking price last month.

Summary: A total of 29 homes were sold or pending in 60502 in October 2024, up by 7.4% month-over-month. Of the 29 sold homes, 55% were sold under asking, 21% were sold at asking, and 24% were sold over asking.

Days on Market for 60502, IL

How long does it take to sell a home in 60502, IL?

Average Sale Time

Oct 2023Oct 2024CHANGE
13 Days17 Days+33.1%

Summary: Homes in 60502 had an average of 17 days on market in Oct 2024, up by 33.1% compared to last year.

Breakdown of Home Sale Times

22 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 60502 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 29 homes were sold in 60502; 76% of homes were sold within 30 days, 24% 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 60502, IL

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