Is 61701, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 61701 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 61701 has remained a Seller's Market.

Key Takeaway

61701 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 61701, IL

How much do homes in 61701, IL cost?

Median Sold Price

$160,950

$102/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$5,950(+3.8%)

Key Takeaway

Homes in 61701 have sold for 3.8% more than they did a year ago.

Summary: The median home sold price in 61701 was $160,950 in October 2024, up 3.8% from last year, and the median price per square foot was $102.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $80K$115K
+43.8%
2 $130.2K$140K
+7.5%
3 $165.5K$169.9K
+2.6%
4 $192K$199.9K
+4.1%
5+ $188.5K$191.9K
+1.8%

Summary: 61701 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 43.8%, 2 bedroom homes increased by 7.5%, 3 bedroom homes increased by 2.6%, 4 bedroom homes increased by 4.1%, and 5+ bedroom homes increased by 1.8%.

Median Sold Price Compared To Nearby Zip Codes

61761
+8.2%
61705
+5.0%
61701
+3.8%
61704
+3.3%

Housing Supply in 61701, IL

How many homes are available in 61701, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
1351350.0%

Summary: The 61701 real estate market had 135 homes for sale in October 2024, the same as September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 43
-25.0%
2 4239
-7.1%
3 5964
+8.5%
4 2221
-4.5%
5+ 88
0.0%

Summary: The 61701 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 7.1%, 3 bedroom homes increased by 8.5%, 4 bedroom homes decreased by 4.5%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
4839-18.8%

Asking Price vs. Sold Price

17 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

15 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 61701, you may be able to get a good deal. 43.6% of homes here sold below asking price last month.

Summary: A total of 39 homes were sold or pending in 61701 in October 2024, down by 18.8% month-over-month. Of the 39 sold homes, 44% were sold under asking, 18% were sold at asking, and 38% were sold over asking.

Days on Market for 61701, IL

How long does it take to sell a home in 61701, IL?

Average Sale Time

Oct 2023Oct 2024CHANGE
14 Days20 Days+39.6%

Summary: Homes in 61701 had an average of 20 days on market in Oct 2024, up by 39.6% compared to last year.

Breakdown of Home Sale Times

32 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 61701 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 39 homes were sold in 61701; 82% of homes were sold within 30 days, 15% 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 16 Days Ago

Newest Listings in 61701, IL

Nearby Markets to 61701, IL