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 December 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

$100,000

$76/sqft

Based on all homes sold in the last 12 months.

Difference Since December 2023

+$1,500(+1.5%)

Key Takeaway

Homes in 61401 have sold for 1.5% more than they did a year ago.

Summary: The median home sold price in 61401 was $100,000 in December 2024, up 1.5% from last year, and the median price per square foot was $76.

Median Sold Price By Bedroom Count

# BEDSDec 2023Dec 2024CHANGE
1 $34K$37K
+8.8%
2 $75K$73.2K
-2.3%
3 $105K$110K
+4.8%
4 $139.9K$169K
+20.8%
5+ $162.5K$187K
+15.1%

Summary: 61401 housing prices by bedroom type for December 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.8%, 2 bedroom homes decreased by 2.3%, 3 bedroom homes increased by 4.8%, 4 bedroom homes increased by 20.8%, and 5+ bedroom homes increased by 15.1%.

Housing Supply in 61401, IL

How many homes are available in 61401, IL?

Number of Homes For Sale

Nov 2024Dec 2024CHANGE
110104-5.5%

Summary: The 61401 real estate market had 104 homes for sale in December 2024, a 5.5% decrease compared to November 2024.

Homes For Sale By Bedroom Count

# BEDSNov 2024Dec 2024CHANGE
1 01
+100.0%
2 3028
-6.7%
3 6260
-3.2%
4 1312
-7.7%
5+ 53
-40.0%

Summary: The 61401 housing inventory by bedroom type for December 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 6.7%, 3 bedroom homes decreased by 3.2%, 4 bedroom homes decreased by 7.7%, and 5+ bedroom homes decreased by 40%.

Number of Homes Sold

Nov 2024Dec 2024CHANGE
2324+4.3%

Asking Price vs. Sold Price

19 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

3 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. 79.2% of homes here sold below asking price last month.

Summary: A total of 24 homes were sold or pending in 61401 in December 2024, up by 4.3% month-over-month. Of the 24 sold homes, 79% were sold under asking, 8% were sold at asking, and 13% 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

Dec 2023Dec 2024CHANGE
26 Days43 Days+65.4%

Summary: Homes in 61401 had an average of 43 days on market in Dec 2024, up by 65.4% compared to last year.

Breakdown of Home Sale Times

13 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

2 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 December 2024, 24 homes were sold in 61401; 54% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 8% 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 6 Days Ago

Newest Listings in 61401, IL

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