Is 60616, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 60616 is a neutral's market

Buyer's
Market

Difference Since October 2023

At the same time last year, 60616 was a Seller's Market.

Key Takeaway

60616 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in 60616, IL

How much do homes in 60616, IL cost?

Median Sold Price

$338,750

$294/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$11,583(-3.3%)

Key Takeaway

Homes in 60616 have sold for 3.3% less than they did a year ago.

Summary: The median home sold price in 60616 was $338,750 in October 2024, down 3.3% from last year, and the median price per square foot was $294.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $242.5K$255.5K
+5.4%
2 $355K$353.2K
-0.5%
3 $516K$517.5K
0.3%
4 $530K$499.9K
-5.7%
5+ $541.5K$599.9K
+10.8%

Summary: 60616 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.4%, 2 bedroom homes decreased by 0.5%, 3 bedroom homes increased by 0.3%, 4 bedroom homes decreased by 5.7%, and 5+ bedroom homes increased by 10.8%.

Median Sold Price Compared To Nearby Zip Codes

60608
+12.7%
60609
+10.5%
60605
+2.8%
60653
-2.4%
60616
-3.3%

Housing Supply in 60616, IL

How many homes are available in 60616, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
170197+15.9%

Summary: The 60616 real estate market had 197 homes for sale in October 2024, a 15.9% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 4347
+9.3%
2 6477
+20.3%
3 3240
+25.0%
4 1412
-14.3%
5+ 1721
+23.5%

Summary: The 60616 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 9.3%, 2 bedroom homes increased by 20.3%, 3 bedroom homes increased by 25%, 4 bedroom homes decreased by 14.3%, and 5+ bedroom homes increased by 23.5%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2829+3.6%

Asking Price vs. Sold Price

14 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

12 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 60616, you may be able to get a good deal. 48.3% of homes here sold below asking price last month.

Summary: A total of 29 homes were sold or pending in 60616 in October 2024, up by 3.6% month-over-month. Of the 29 sold homes, 48% were sold under asking, 10% were sold at asking, and 41% were sold over asking.

Days on Market for 60616, IL

How long does it take to sell a home in 60616, IL?

Average Sale Time

Oct 2023Oct 2024CHANGE
34 Days49 Days+42.9%

Summary: Homes in 60616 had an average of 49 days on market in Oct 2024, up by 42.9% compared to last year.

Breakdown of Home Sale Times

15 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 60616 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 29 homes were sold in 60616; 52% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 17% 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 60616, IL

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