Is 61241, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 61241 is a neutral's market

Buyer's
Market

Difference Since October 2023

At the same time last year, 61241 was a Seller's Market.

Key Takeaway

61241 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 61241, IL

How much do homes in 61241, IL cost?

Median Sold Price

$188,500

$114/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$7,500(+4.1%)

Key Takeaway

Homes in 61241 have sold for 4.1% more than they did a year ago.

Summary: The median home sold price in 61241 was $188,500 in October 2024, up 4.1% from last year, and the median price per square foot was $114.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $70K$45K
-35.7%
2 $85.5K$89K
+4.1%
3 $191.9K$177.2K
-7.7%
4 $212.5K$234K
+10.1%
5+ $233.2K$345.8K
+48.3%

Summary: 61241 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 35.7%, 2 bedroom homes increased by 4.1%, 3 bedroom homes decreased by 7.7%, 4 bedroom homes increased by 10.1%, and 5+ bedroom homes increased by 48.3%.

Median Sold Price Compared To Nearby Zip Codes

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

Housing Supply in 61241, IL

How many homes are available in 61241, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
2119-9.5%

Summary: The 61241 real estate market had 19 homes for sale in October 2024, a 9.5% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 34
+33.3%
3 1211
-8.3%
4 63
-50.0%
5+ 01
+100.0%

Summary: The 61241 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 33.3%, 3 bedroom homes decreased by 8.3%, 4 bedroom homes decreased by 50%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
73-57.1%

Asking Price vs. Sold Price

1 Home Was 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 61241, you may be able to get a good deal. 33.3% of homes here sold below asking price last month.

Summary: A total of 3 homes were sold or pending in 61241 in October 2024, down by 57.1% month-over-month. Of the 3 sold homes, 33% were sold under asking, 33% were sold at asking, and 33% were sold over asking.

Days on Market for 61241, IL

How long does it take to sell a home in 61241, IL?

Average Sale Time

Oct 2023Oct 2024CHANGE
9 Days6 Days-26.9%

Summary: Homes in 61241 had an average of 6 days on market in Oct 2024, down by 26.9% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 61241 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 3 homes were sold in 61241; 100% of homes were sold within 30 days, 0% 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 61241, IL

Nearby Markets to 61241, IL