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 23 Days Ago

Newest Listings in 61241, IL

Nearby Markets to 61241, IL