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 21 Days Ago

Newest Listings in 62040, IL

Nearby Markets to 62040, IL