Is 62040, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 62040 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 62040 has remained a Seller's Market.

Key Takeaway

62040 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 62040, IL

How much do homes in 62040, IL cost?

Median Sold Price

$122,833

$96/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$5,833(+5.0%)

Key Takeaway

Homes in 62040 have sold for 5% more than they did a year ago.

Summary: The median home sold price in 62040 was $122,833 in October 2024, up 5% from last year, and the median price per square foot was $96.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $29.7K$15.2K
-48.7%
2 $85K$92.5K
+8.8%
3 $129K$148K
+14.7%
4 $160K$174.6K
+9.2%
5+ $118.5K$200K
+68.8%

Summary: 62040 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 48.7%, 2 bedroom homes increased by 8.8%, 3 bedroom homes increased by 14.7%, 4 bedroom homes increased by 9.2%, and 5+ bedroom homes increased by 68.8%.

Median Sold Price Compared To Nearby Zip Codes

62060
+172.2%
63137
+21.2%
63147
+17.0%
62040
+5.0%

Housing Supply in 62040, IL

How many homes are available in 62040, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
158179+13.3%

Summary: The 62040 real estate market had 179 homes for sale in October 2024, a 13.3% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 66
0.0%
2 4461
+38.6%
3 8487
+3.6%
4 2223
+4.5%
5+ 22
0.0%

Summary: The 62040 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 increased by 38.6%, 3 bedroom homes increased by 3.6%, 4 bedroom homes increased by 4.5%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
4939-20.4%

Asking Price vs. Sold Price

13 Homes Were Sold
Under Asking

10 Homes Were Sold
At Asking

16 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 62040, you could pay more than the asking price. 41% of homes here sold above asking price last month.

Summary: A total of 39 homes were sold or pending in 62040 in October 2024, down by 20.4% month-over-month. Of the 39 sold homes, 33% were sold under asking, 26% were sold at asking, and 41% were sold over asking.

Days on Market for 62040, IL

How long does it take to sell a home in 62040, IL?

Average Sale Time

Oct 2023Oct 2024CHANGE
31 Days44 Days+43.4%

Summary: Homes in 62040 had an average of 44 days on market in Oct 2024, up by 43.4% compared to last year.

Breakdown of Home Sale Times

21 Homes Were Sold
Under 30 Days

15 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 62040 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 39 homes were sold in 62040; 54% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 8% 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 62040, IL

Nearby Markets to 62040, IL