Is 60516, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 60516 is a seller's market

Buyer's
Market

Difference Since November 2023

Since last year, 60516 has remained a Seller's Market.

Key Takeaway

60516 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 60516, IL

How much do homes in 60516, IL cost?

Median Sold Price

$450,000

$229/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$25,000(+5.9%)

Key Takeaway

Homes in 60516 have sold for 5.9% more than they did a year ago.

Summary: The median home sold price in 60516 was $450,000 in November 2024, up 5.9% from last year, and the median price per square foot was $229.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $190K$190K
0.0%
2 $210K$238.5K
+13.6%
3 $398K$430K
+8.0%
4 $520K$584.2K
+12.4%
5+ $765K$760K
-0.7%

Summary: 60516 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 13.6%, 3 bedroom homes increased by 8%, 4 bedroom homes increased by 12.4%, and 5+ bedroom homes decreased by 0.7%.

Median Sold Price Compared To Nearby Zip Codes

60561
+18.4%
60515
+14.1%
60559
+11.0%
60517
+6.2%
60516
+5.9%

Housing Supply in 60516, IL

How many homes are available in 60516, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
8683-3.5%

Summary: The 60516 real estate market had 83 homes for sale in November 2024, a 3.5% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 11
0.0%
2 2314
-39.1%
3 3437
+8.8%
4 2122
+4.8%
5+ 79
+28.6%

Summary: The 60516 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 39.1%, 3 bedroom homes increased by 8.8%, 4 bedroom homes increased by 4.8%, and 5+ bedroom homes increased by 28.6%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
2522-12.0%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

11 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 60516, you could pay more than the asking price. 50% of homes here sold above asking price last month.

Summary: A total of 22 homes were sold or pending in 60516 in November 2024, down by 12.0% month-over-month. Of the 22 sold homes, 45% were sold under asking, 5% were sold at asking, and 50% were sold over asking.

Days on Market for 60516, IL

How long does it take to sell a home in 60516, IL?

Average Sale Time

Nov 2023Nov 2024CHANGE
16 Days30 Days+87.3%

Summary: Homes in 60516 had an average of 30 days on market in Nov 2024, up by 87.3% compared to last year.

Breakdown of Home Sale Times

17 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 60516 are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 22 homes were sold in 60516; 77% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 9% 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 17 Days Ago

Newest Listings in 60516, IL

Nearby Markets to 60516, IL