Is 61108, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 61108 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 61108 has remained a Seller's Market.

Key Takeaway

61108 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 61108, IL

How much do homes in 61108, IL cost?

Median Sold Price

$164,376

$118/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$9,376(+6.0%)

Key Takeaway

Homes in 61108 have sold for 6% more than they did a year ago.

Summary: The median home sold price in 61108 was $164,376 in October 2024, up 6% from last year, and the median price per square foot was $118.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $96K$54K
-43.8%
2 $146K$150K
+2.7%
3 $154.5K$168K
+8.7%
4 $175.5K$195K
+11.1%
5+ $299K$160K
-46.5%

Summary: 61108 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 43.8%, 2 bedroom homes increased by 2.7%, 3 bedroom homes increased by 8.7%, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes decreased by 46.5%.

Median Sold Price Compared To Nearby Zip Codes

61104
+36.4%
61107
+7.3%
61108
+6.0%
61016
-2.6%

Housing Supply in 61108, IL

How many homes are available in 61108, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
6169+13.1%

Summary: The 61108 real estate market had 69 homes for sale in October 2024, a 13.1% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 2021
+5.0%
3 2737
+37.0%
4 98
-11.1%
5+ 53
-40.0%

Summary: The 61108 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 5%, 3 bedroom homes increased by 37%, 4 bedroom homes decreased by 11.1%, and 5+ bedroom homes decreased by 40%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1924+26.3%

Asking Price vs. Sold Price

11 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 61108, you may be able to get a good deal. 45.8% of homes here sold below asking price last month.

Summary: A total of 24 homes were sold or pending in 61108 in October 2024, up by 26.3% month-over-month. Of the 24 sold homes, 46% were sold under asking, 13% were sold at asking, and 42% were sold over asking.

Days on Market for 61108, IL

How long does it take to sell a home in 61108, IL?

Average Sale Time

Oct 2023Oct 2024CHANGE
16 Days20 Days+24.4%

Summary: Homes in 61108 had an average of 20 days on market in Oct 2024, up by 24.4% compared to last year.

Breakdown of Home Sale Times

17 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 61108 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 24 homes were sold in 61108; 71% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 4% 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 61108, IL

Nearby Markets to 61108, IL