Is 61114, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 61114 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 61114 has remained a Seller's Market.

Key Takeaway

61114 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 61114, IL

How much do homes in 61114, IL cost?

Median Sold Price

$245,000

$118/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$11,500(+4.9%)

Key Takeaway

Homes in 61114 have sold for 4.9% more than they did a year ago.

Summary: The median home sold price in 61114 was $245,000 in October 2024, up 4.9% from last year, and the median price per square foot was $118.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 -$85K
N/A
2 $141.5K$158.9K
+12.3%
3 $210K$238.5K
+13.6%
4 $264.9K$290K
+9.5%
5+ $397.5K$412.4K
+3.8%

Summary: 61114 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 12.3%, 3 bedroom homes increased by 13.6%, 4 bedroom homes increased by 9.5%, and 5+ bedroom homes increased by 3.8%.

Median Sold Price Compared To Nearby Zip Codes

61008
+21.4%
61111
+11.5%
61107
+7.3%
61114
+4.9%

Housing Supply in 61114, IL

How many homes are available in 61114, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
3231-3.1%

Summary: The 61114 real estate market had 31 homes for sale in October 2024, a 3.1% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 22
0.0%
2 24
+100.0%
3 149
-35.7%
4 1113
+18.2%
5+ 33
0.0%

Summary: The 61114 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 100%, 3 bedroom homes decreased by 35.7%, 4 bedroom homes increased by 18.2%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
127-41.7%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 61114, you may be able to get a good deal. 71.4% of homes here sold below asking price last month.

Summary: A total of 7 homes were sold or pending in 61114 in October 2024, down by 41.7% month-over-month. Of the 7 sold homes, 71% were sold under asking, 14% were sold at asking, and 14% were sold over asking.

Days on Market for 61114, IL

How long does it take to sell a home in 61114, IL?

Average Sale Time

Oct 2023Oct 2024CHANGE
35 Days19 Days-46.2%

Summary: Homes in 61114 had an average of 19 days on market in Oct 2024, down by 46.2% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 61114 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 7 homes were sold in 61114; 86% of homes were sold within 30 days, 14% 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 61114, IL

Nearby Markets to 61114, IL