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 October 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 October 2023

+$35,000(+8.4%)

Key Takeaway

Homes in 60516 have sold for 8.4% more than they did a year ago.

Summary: The median home sold price in 60516 was $450,000 in October 2024, up 8.4% from last year, and the median price per square foot was $229.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $187.8K$225K
+19.8%
2 $210K$238.5K
+13.6%
3 $390K$429K
+10.0%
4 $506K$578K
+14.2%
5+ $702.5K$790K
+12.5%

Summary: 60516 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19.8%, 2 bedroom homes increased by 13.6%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 14.2%, and 5+ bedroom homes increased by 12.5%.

Median Sold Price Compared To Nearby Zip Codes

60561
+18.5%
60515
+16.4%
60559
+12.1%
60516
+8.4%
60517
+5.7%

Housing Supply in 60516, IL

How many homes are available in 60516, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
8392+10.8%

Summary: The 60516 real estate market had 92 homes for sale in October 2024, a 10.8% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 02
+100.0%
2 1825
+38.9%
3 3335
+6.1%
4 2422
-8.3%
5+ 88
0.0%

Summary: The 60516 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 38.9%, 3 bedroom homes increased by 6.1%, 4 bedroom homes decreased by 8.3%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
25250.0%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 60516, you may be able to get a good deal. 40% of homes here sold below asking price last month.

Summary: A total of 25 homes were sold or pending in 60516 in October 2024, the same as the previous month. Of the 25 sold homes, 40% were sold under asking, 20% were sold at asking, and 40% 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

Oct 2023Oct 2024CHANGE
19 Days13 Days-30.3%

Summary: Homes in 60516 had an average of 13 days on market in Oct 2024, down by 30.3% compared to last year.

Breakdown of Home Sale Times

21 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

0 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 October 2024, 25 homes were sold in 60516; 84% of homes were sold within 30 days, 16% 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 14 Days Ago

Newest Listings in 60516, IL

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