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 December 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

$348,333

$296/sqft

Based on all homes sold in the last 12 months.

Difference Since December 2023

-$166(0%)

Key Takeaway

The sold price of homes in 60616 has remained the same since last year.

Median Sold Price By Bedroom Count

# BEDSDec 2023Dec 2024CHANGE
1 $246K$260K
+5.7%
2 $357.5K$362.5K
+1.4%
3 $516K$508K
-1.6%
4 $542.5K$450K
-17.1%
5+ $535K$605K
+13.1%

Summary: 60616 housing prices by bedroom type for December 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.7%, 2 bedroom homes increased by 1.4%, 3 bedroom homes decreased by 1.6%, 4 bedroom homes decreased by 17.1%, and 5+ bedroom homes increased by 13.1%.

Median Sold Price Compared To Nearby Zip Codes

60608
+9.0%
60609
+6.9%
60605
+6.0%
60616
0%
60653
-6.0%

Housing Supply in 60616, IL

How many homes are available in 60616, IL?

Number of Homes For Sale

Nov 2024Dec 2024CHANGE
152145-4.6%

Summary: The 60616 real estate market had 145 homes for sale in December 2024, a 4.6% decrease compared to November 2024.

Homes For Sale By Bedroom Count

# BEDSNov 2024Dec 2024CHANGE
1 3736
-2.7%
2 5652
-7.1%
3 3635
-2.8%
4 98
-11.1%
5+ 1414
0.0%

Summary: The 60616 housing inventory by bedroom type for December 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 2.7%, 2 bedroom homes decreased by 7.1%, 3 bedroom homes decreased by 2.8%, 4 bedroom homes decreased by 11.1%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Nov 2024Dec 2024CHANGE
3222-31.3%

Asking Price vs. Sold Price

11 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

9 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. 50% of homes here sold below asking price last month.

Summary: A total of 22 homes were sold or pending in 60616 in December 2024, down by 31.3% month-over-month. Of the 22 sold homes, 50% were sold under asking, 9% 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

Dec 2023Dec 2024CHANGE
24 Days36 Days+49.1%

Summary: Homes in 60616 had an average of 36 days on market in Dec 2024, up by 49.1% compared to last year.

Breakdown of Home Sale Times

15 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

4 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 December 2024, 22 homes were sold in 60616; 68% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 18% 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 2 Days Ago

Newest Listings in 60616, IL

Nearby Markets to 60616, IL