Is 61822, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 61822 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 61822 has remained a Seller's Market.

Key Takeaway

61822 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 61822, IL

How much do homes in 61822, IL cost?

Median Sold Price

$308,600

$156/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$8,850(+3.0%)

Key Takeaway

Homes in 61822 have sold for 3% more than they did a year ago.

Summary: The median home sold price in 61822 was $308,600 in October 2024, up 3% from last year, and the median price per square foot was $156.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $486K$114.2K
-76.5%
2 $161K$190.2K
+18.2%
3 $250K$272.5K
+9.0%
4 $380K$420K
+10.5%
5+ $429K$450K
+4.9%

Summary: 61822 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 76.5%, 2 bedroom homes increased by 18.2%, 3 bedroom homes increased by 9%, 4 bedroom homes increased by 10.5%, and 5+ bedroom homes increased by 4.9%.

Median Sold Price Compared To Nearby Zip Codes

61821
+18.2%
61820
+8.7%
61822
+3.0%
61874
-1.4%

Housing Supply in 61822, IL

How many homes are available in 61822, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
109107-1.8%

Summary: The 61822 real estate market had 107 homes for sale in October 2024, a 1.8% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 1915
-21.1%
3 4246
+9.5%
4 3031
+3.3%
5+ 1815
-16.7%

Summary: The 61822 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 21.1%, 3 bedroom homes increased by 9.5%, 4 bedroom homes increased by 3.3%, and 5+ bedroom homes decreased by 16.7%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
3027-10.0%

Asking Price vs. Sold Price

13 Homes Were Sold
Under Asking

9 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 61822, you may be able to get a good deal. 48.1% of homes here sold below asking price last month.

Summary: A total of 27 homes were sold or pending in 61822 in October 2024, down by 10.0% month-over-month. Of the 27 sold homes, 48% were sold under asking, 33% were sold at asking, and 19% were sold over asking.

Days on Market for 61822, IL

How long does it take to sell a home in 61822, IL?

Average Sale Time

Oct 2023Oct 2024CHANGE
19 Days15 Days-20.4%

Summary: Homes in 61822 had an average of 15 days on market in Oct 2024, down by 20.4% compared to last year.

Breakdown of Home Sale Times

23 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 61822 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 27 homes were sold in 61822; 85% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 7% 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 61822, IL

Nearby Markets to 61822, IL