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 5 Days Ago

Newest Listings in 61554, IL

Nearby Markets to 61554, IL