Is 61107, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 61107 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 61107 has remained a Seller's Market.

Key Takeaway

61107 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 61107, IL

How much do homes in 61107, IL cost?

Median Sold Price

$199,000

$116/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$13,500(+7.3%)

Key Takeaway

Homes in 61107 have sold for 7.3% more than they did a year ago.

Summary: The median home sold price in 61107 was $199,000 in October 2024, up 7.3% from last year, and the median price per square foot was $116.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $41.8K$129K
+208.2%
2 $140.5K$150K
+6.8%
3 $165K$190.5K
+15.5%
4 $220K$245K
+11.4%
5+ $257K$265K
+3.1%

Summary: 61107 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 208.2%, 2 bedroom homes increased by 6.8%, 3 bedroom homes increased by 15.5%, 4 bedroom homes increased by 11.4%, and 5+ bedroom homes increased by 3.1%.

Median Sold Price Compared To Nearby Zip Codes

61104
+36.4%
61111
+11.5%
61107
+7.3%
61108
+6.0%
61114
+4.9%

Housing Supply in 61107, IL

How many homes are available in 61107, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
92102+10.9%

Summary: The 61107 real estate market had 102 homes for sale in October 2024, a 10.9% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 1621
+31.3%
3 4048
+20.0%
4 2220
-9.1%
5+ 1413
-7.1%

Summary: The 61107 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 31.3%, 3 bedroom homes increased by 20%, 4 bedroom homes decreased by 9.1%, and 5+ bedroom homes decreased by 7.1%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2335+52.2%

Asking Price vs. Sold Price

13 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

17 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 61107, you could pay more than the asking price. 48.6% of homes here sold above asking price last month.

Summary: A total of 35 homes were sold or pending in 61107 in October 2024, up by 52.2% month-over-month. Of the 35 sold homes, 37% were sold under asking, 14% were sold at asking, and 49% were sold over asking.

Days on Market for 61107, IL

How long does it take to sell a home in 61107, IL?

Average Sale Time

Oct 2023Oct 2024CHANGE
23 Days12 Days-47.0%

Summary: Homes in 61107 had an average of 12 days on market in Oct 2024, down by 47% compared to last year.

Breakdown of Home Sale Times

31 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 61107 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 35 homes were sold in 61107; 89% of homes were sold within 30 days, 11% 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 4 Days Ago

Newest Listings in 61107, IL

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