Is 61605, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 61605 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 61605 has remained a Seller's Market.

Key Takeaway

61605 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 61605, IL

How much do homes in 61605, IL cost?

Median Sold Price

$24,000

$28/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$1,500(-5.9%)

Key Takeaway

Homes in 61605 have sold for 5.9% less than they did a year ago.

Summary: The median home sold price in 61605 was $24,000 in October 2024, down 5.9% from last year, and the median price per square foot was $28.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $18.5K$15K
-18.9%
2 $23K$23.1K
+0.6%
3 $32K$31.5K
-1.6%
4 $55K$30K
-45.5%
5+ $34.5K$33K
-4.1%

Summary: 61605 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 18.9%, 2 bedroom homes increased by 0.6%, 3 bedroom homes decreased by 1.6%, 4 bedroom homes decreased by 45.5%, and 5+ bedroom homes decreased by 4.1%.

Median Sold Price Compared To Nearby Zip Codes

61604
+5.6%
61607
+4.4%
61605
-5.9%
61606
-16.7%

Housing Supply in 61605, IL

How many homes are available in 61605, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
4035-12.5%

Summary: The 61605 real estate market had 35 homes for sale in October 2024, a 12.5% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 43
-25.0%
2 117
-36.4%
3 2021
+5.0%
4 54
-20.0%
5+ 00
0.0%

Summary: The 61605 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes decreased by 36.4%, 3 bedroom homes increased by 5%, 4 bedroom homes decreased by 20%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
148-42.9%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 61605, you may be able to get a good deal. 75% of homes here sold below asking price last month.

Summary: A total of 8 homes were sold or pending in 61605 in October 2024, down by 42.9% month-over-month. Of the 8 sold homes, 75% were sold under asking, 13% were sold at asking, and 13% were sold over asking.

Days on Market for 61605, IL

How long does it take to sell a home in 61605, IL?

Average Sale Time

Oct 2023Oct 2024CHANGE
67 Days10 Days-84.7%

Summary: Homes in 61605 had an average of 10 days on market in Oct 2024, down by 84.7% compared to last year.

Breakdown of Home Sale Times

8 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 61605 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 8 homes were sold in 61605; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% 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 21 Days Ago

Newest Listings in 61605, IL

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