Is 61554, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 61554 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 61554 has remained a Seller's Market.

Key Takeaway

61554 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 61554, IL

How much do homes in 61554, IL cost?

Median Sold Price

$125,600

$89/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$5,600(+4.7%)

Key Takeaway

Homes in 61554 have sold for 4.7% more than they did a year ago.

Summary: The median home sold price in 61554 was $125,600 in October 2024, up 4.7% from last year, and the median price per square foot was $89.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $49.9K$38.2K
-23.4%
2 $91K$95K
+4.4%
3 $122K$135.4K
+11.0%
4 $159.9K$155K
-3.1%
5+ $252.4K$191.5K
-24.1%

Summary: 61554 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 23.4%, 2 bedroom homes increased by 4.4%, 3 bedroom homes increased by 11%, 4 bedroom homes decreased by 3.1%, and 5+ bedroom homes decreased by 24.1%.

Median Sold Price Compared To Nearby Zip Codes

61610
+12.7%
61554
+4.7%
61607
+4.4%
61535
0.0%

Housing Supply in 61554, IL

How many homes are available in 61554, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
127131+3.1%

Summary: The 61554 real estate market had 131 homes for sale in October 2024, a 3.1% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 14
+300.0%
2 3642
+16.7%
3 6158
-4.9%
4 2422
-8.3%
5+ 55
0.0%

Summary: The 61554 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 300%, 2 bedroom homes increased by 16.7%, 3 bedroom homes decreased by 4.9%, 4 bedroom homes decreased by 8.3%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
5037-26.0%

Asking Price vs. Sold Price

18 Homes Were Sold
Under Asking

9 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 61554, you may be able to get a good deal. 48.6% of homes here sold below asking price last month.

Summary: A total of 37 homes were sold or pending in 61554 in October 2024, down by 26.0% month-over-month. Of the 37 sold homes, 49% were sold under asking, 24% were sold at asking, and 27% were sold over asking.

Days on Market for 61554, IL

How long does it take to sell a home in 61554, IL?

Average Sale Time

Oct 2023Oct 2024CHANGE
15 Days22 Days+39.3%

Summary: Homes in 61554 had an average of 22 days on market in Oct 2024, up by 39.3% compared to last year.

Breakdown of Home Sale Times

27 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 61554 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 37 homes were sold in 61554; 73% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 3% 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 20 Days Ago

Newest Listings in 61554, IL

Nearby Markets to 61554, IL