Is 61240, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 61240 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 61240 has remained a Seller's Market.

Key Takeaway

61240 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 61240, IL

How much do homes in 61240, IL cost?

Median Sold Price

$285,000

$125/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$84,000(+41.8%)

Key Takeaway

Homes in 61240 have sold for 41.8% more than they did a year ago.

Summary: The median home sold price in 61240 was $285,000 in October 2024, up 41.8% from last year, and the median price per square foot was $125.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $50K-
N/A
2 $110.2K$118.4K
+7.4%
3 $200K$260K
+30.0%
4 $294.9K$330K
+11.9%
5+ $402.1K$433K
+7.7%

Summary: 61240 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 7.4%, 3 bedroom homes increased by 30%, 4 bedroom homes increased by 11.9%, and 5+ bedroom homes increased by 7.7%.

Median Sold Price Compared To Nearby Zip Codes

61240
+41.8%
61244
+9.8%
61265
+6.8%
61241
+4.1%

Housing Supply in 61240, IL

How many homes are available in 61240, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
1518+20.0%

Summary: The 61240 real estate market had 18 homes for sale in October 2024, a 20.0% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 22
0.0%
3 610
+66.7%
4 75
-28.6%
5+ 01
+100.0%

Summary: The 61240 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 remained the same, 3 bedroom homes increased by 66.7%, 4 bedroom homes decreased by 28.6%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
34+33.3%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 61240, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 4 homes were sold or pending in 61240 in October 2024, up by 33.3% month-over-month. Of the 4 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.

Days on Market for 61240, IL

How long does it take to sell a home in 61240, IL?

Average Sale Time

Oct 2023Oct 2024CHANGE
16 Days15 Days-4.3%

Summary: Homes in 61240 had an average of 15 days on market in Oct 2024, down by 4.3% compared to last year.

Breakdown of Home Sale Times

3 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 61240 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 4 homes were sold in 61240; 75% of homes were sold within 30 days, 25% 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 61240, IL

Nearby Markets to 61240, IL