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 November 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

$124,572

$97/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$7,572(+6.5%)

Key Takeaway

Homes in 62040 have sold for 6.5% more than they did a year ago.

Summary: The median home sold price in 62040 was $124,572 in November 2024, up 6.5% from last year, and the median price per square foot was $97.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $25K$15.2K
-39.0%
2 $84K$95K
+13.1%
3 $131.2K$148.5K
+13.1%
4 $157.5K$175.7K
+11.6%
5+ $135K$161.2K
+19.4%

Summary: 62040 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 39%, 2 bedroom homes increased by 13.1%, 3 bedroom homes increased by 13.1%, 4 bedroom homes increased by 11.6%, and 5+ bedroom homes increased by 19.4%.

Median Sold Price Compared To Nearby Zip Codes

63137
+25.6%
62040
+6.5%
63147
+5.8%

Housing Supply in 62040, IL

How many homes are available in 62040, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
173183+5.8%

Summary: The 62040 real estate market had 183 homes for sale in November 2024, a 5.8% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 43
-25.0%
2 6065
+8.3%
3 8594
+10.6%
4 2220
-9.1%
5+ 21
-50.0%

Summary: The 62040 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes increased by 8.3%, 3 bedroom homes increased by 10.6%, 4 bedroom homes decreased by 9.1%, and 5+ bedroom homes decreased by 50%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
4032-20.0%

Asking Price vs. Sold Price

13 Homes Were Sold
Under Asking

9 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 62040, you may be able to get a good deal. 40.6% of homes here sold below asking price last month.

Summary: A total of 32 homes were sold or pending in 62040 in November 2024, down by 20.0% month-over-month. Of the 32 sold homes, 41% were sold under asking, 28% were sold at asking, and 31% 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

Nov 2023Nov 2024CHANGE
26 Days37 Days+40.9%

Summary: Homes in 62040 had an average of 37 days on market in Nov 2024, up by 40.9% compared to last year.

Breakdown of Home Sale Times

13 Homes Were Sold
Under 30 Days

17 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in 62040 has remained consistent over time.

Summary: During November 2024, 32 homes were sold in 62040; 41% of homes were sold within 30 days, 53% of homes were sold within 30 to 90 days, and 6% 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

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