Is 61603, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 61603 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 61603 has remained a Seller's Market.

Key Takeaway

61603 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 61603, IL

How much do homes in 61603, IL cost?

Median Sold Price

$50,900

$44/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$5,976(+13.3%)

Key Takeaway

Homes in 61603 have sold for 13.3% more than they did a year ago.

Summary: The median home sold price in 61603 was $50,900 in October 2024, up 13.3% from last year, and the median price per square foot was $44.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $28.1K$29.1K
+3.6%
2 $41.5K$46.2K
+11.4%
3 $46K$59.9K
+30.2%
4 $61.5K$50K
-18.7%
5+ $92K$58.5K
-36.4%

Summary: 61603 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.6%, 2 bedroom homes increased by 11.4%, 3 bedroom homes increased by 30.2%, 4 bedroom homes decreased by 18.7%, and 5+ bedroom homes decreased by 36.4%.

Median Sold Price Compared To Nearby Zip Codes

61603
+13.3%
61606
-16.7%

Housing Supply in 61603, IL

How many homes are available in 61603, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
6878+14.7%

Summary: The 61603 real estate market had 78 homes for sale in October 2024, a 14.7% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 23
+50.0%
2 2527
+8.0%
3 3033
+10.0%
4 811
+37.5%
5+ 34
+33.3%

Summary: The 61603 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 8%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 37.5%, and 5+ bedroom homes increased by 33.3%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1820+11.1%

Asking Price vs. Sold Price

14 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 61603, you may be able to get a good deal. 70% of homes here sold below asking price last month.

Summary: A total of 20 homes were sold or pending in 61603 in October 2024, up by 11.1% month-over-month. Of the 20 sold homes, 70% were sold under asking, 10% were sold at asking, and 20% were sold over asking.

Days on Market for 61603, IL

How long does it take to sell a home in 61603, IL?

Average Sale Time

Oct 2023Oct 2024CHANGE
45 Days17 Days-60.7%

Summary: Homes in 61603 had an average of 17 days on market in Oct 2024, down by 60.7% compared to last year.

Breakdown of Home Sale Times

15 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 61603 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 20 homes were sold in 61603; 75% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 5% 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 4 Days Ago

Newest Listings in 61603, IL

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