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 November 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

$160,000

$103/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$3,000(+1.9%)

Key Takeaway

Homes in 61701 have sold for 1.9% more than they did a year ago.

Summary: The median home sold price in 61701 was $160,000 in November 2024, up 1.9% from last year, and the median price per square foot was $103.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $75K$120K
+60.0%
2 $130.5K$138K
+5.7%
3 $165.5K$175K
+5.7%
4 $201.5K$195K
-3.2%
5+ $176K$184K
+4.5%

Summary: 61701 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 60%, 2 bedroom homes increased by 5.7%, 3 bedroom homes increased by 5.7%, 4 bedroom homes decreased by 3.2%, and 5+ bedroom homes increased by 4.5%.

Median Sold Price Compared To Nearby Zip Codes

61761
+7.8%
61705
+5.6%
61704
+2.7%
61701
+1.9%

Housing Supply in 61701, IL

How many homes are available in 61701, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
136119-12.5%

Summary: The 61701 real estate market had 119 homes for sale in November 2024, a 12.5% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 31
-66.7%
2 4035
-12.5%
3 6454
-15.6%
4 2122
+4.8%
5+ 87
-12.5%

Summary: The 61701 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 66.7%, 2 bedroom homes decreased by 12.5%, 3 bedroom homes decreased by 15.6%, 4 bedroom homes increased by 4.8%, and 5+ bedroom homes decreased by 12.5%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
4345+4.7%

Asking Price vs. Sold Price

18 Homes Were Sold
Under Asking

10 Homes Were Sold
At Asking

17 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. 40% of homes here sold below asking price last month.

Summary: A total of 45 homes were sold or pending in 61701 in November 2024, up by 4.7% month-over-month. Of the 45 sold homes, 40% were sold under asking, 22% 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

Nov 2023Nov 2024CHANGE
10 Days22 Days+118.7%

Summary: Homes in 61701 had an average of 22 days on market in Nov 2024, up by 118.7% compared to last year.

Breakdown of Home Sale Times

38 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

2 Homes Were 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 November 2024, 45 homes were sold in 61701; 84% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 4% 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 17 Days Ago

Newest Listings in 61701, IL

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