Is 61401, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 61401 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 61401 has remained a Seller's Market.

Key Takeaway

61401 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 61401, IL

How much do homes in 61401, IL cost?

Median Sold Price

$98,427

$76/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$1,322(-1.3%)

Key Takeaway

Homes in 61401 have sold for 1.3% less than they did a year ago.

Summary: The median home sold price in 61401 was $98,427 in October 2024, down 1.3% from last year, and the median price per square foot was $76.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $33.5K$37K
+10.4%
2 $74.9K$72K
-4.0%
3 $108K$109.9K
+1.8%
4 $139K$169.5K
+21.9%
5+ $165K$183.5K
+11.2%

Summary: 61401 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.4%, 2 bedroom homes decreased by 4%, 3 bedroom homes increased by 1.8%, 4 bedroom homes increased by 21.9%, and 5+ bedroom homes increased by 11.2%.

Median Sold Price Compared To Nearby Zip Codes

61401
-1.3%
61448
-6.3%

Housing Supply in 61401, IL

How many homes are available in 61401, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
131140+6.9%

Summary: The 61401 real estate market had 140 homes for sale in October 2024, a 6.9% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 33
0.0%
2 3636
0.0%
3 6473
+14.1%
4 2021
+5.0%
5+ 87
-12.5%

Summary: The 61401 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 14.1%, 4 bedroom homes increased by 5%, and 5+ bedroom homes decreased by 12.5%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
3133+6.5%

Asking Price vs. Sold Price

19 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 61401, you may be able to get a good deal. 57.6% of homes here sold below asking price last month.

Summary: A total of 33 homes were sold or pending in 61401 in October 2024, up by 6.5% month-over-month. Of the 33 sold homes, 58% were sold under asking, 24% were sold at asking, and 18% were sold over asking.

Days on Market for 61401, IL

How long does it take to sell a home in 61401, IL?

Average Sale Time

Oct 2023Oct 2024CHANGE
27 Days34 Days+25.6%

Summary: Homes in 61401 had an average of 34 days on market in Oct 2024, up by 25.6% compared to last year.

Breakdown of Home Sale Times

20 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 61401 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 33 homes were sold in 61401; 61% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 12% 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 61401, IL

Nearby Markets to 61401, IL