Is 62221, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 62221 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 62221 has remained a Seller's Market.

Key Takeaway

62221 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 62221, IL

How much do homes in 62221, IL cost?

Median Sold Price

$250,000

$124/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$19,325(+8.4%)

Key Takeaway

Homes in 62221 have sold for 8.4% more than they did a year ago.

Summary: The median home sold price in 62221 was $250,000 in October 2024, up 8.4% from last year, and the median price per square foot was $124.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $67K$92K
+37.3%
2 $130K$134.5K
+3.5%
3 $213.6K$230K
+7.6%
4 $292.4K$335K
+14.5%
5+ $357.5K$420K
+17.5%

Summary: 62221 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 37.3%, 2 bedroom homes increased by 3.5%, 3 bedroom homes increased by 7.6%, 4 bedroom homes increased by 14.5%, and 5+ bedroom homes increased by 17.5%.

Median Sold Price Compared To Nearby Zip Codes

62220
+8.6%
62221
+8.4%
62226
+6.5%
62269
+1.0%

Housing Supply in 62221, IL

How many homes are available in 62221, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
129133+3.1%

Summary: The 62221 real estate market had 133 homes for sale in October 2024, a 3.1% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 30
-100.0%
2 1817
-5.6%
3 5658
+3.6%
4 4048
+20.0%
5+ 1210
-16.7%

Summary: The 62221 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 5.6%, 3 bedroom homes increased by 3.6%, 4 bedroom homes increased by 20%, and 5+ bedroom homes decreased by 16.7%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
3937-5.1%

Asking Price vs. Sold Price

12 Homes Were Sold
Under Asking

9 Homes Were Sold
At Asking

16 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 62221, you could pay more than the asking price. 43.2% of homes here sold above asking price last month.

Summary: A total of 37 homes were sold or pending in 62221 in October 2024, down by 5.1% month-over-month. Of the 37 sold homes, 32% were sold under asking, 24% were sold at asking, and 43% were sold over asking.

Days on Market for 62221, IL

How long does it take to sell a home in 62221, IL?

Average Sale Time

Oct 2023Oct 2024CHANGE
24 Days45 Days+81.6%

Summary: Homes in 62221 had an average of 45 days on market in Oct 2024, up by 81.6% compared to last year.

Breakdown of Home Sale Times

10 Homes Were Sold
Under 30 Days

21 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in 62221 has remained consistent over time.

Summary: During October 2024, 37 homes were sold in 62221; 27% of homes were sold within 30 days, 57% of homes were sold within 30 to 90 days, and 14% 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 62221, IL

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