Is 62531, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 62531 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 62531 has remained a Seller's Market.

Key Takeaway

62531 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 62531, IL

How much do homes in 62531, IL cost?

Median Sold Price

$112,450

$76/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$44,950(+66.6%)

Key Takeaway

Homes in 62531 have sold for 66.6% more than they did a year ago.

Summary: The median home sold price in 62531 was $112,450 in October 2024, up 66.6% from last year, and the median price per square foot was $76.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $57.7K$82K
+42.0%
3 $116.4K$106.9K
-8.2%
4 $23.8K$179.9K
+653.5%
5+ $190K$195K
+2.6%

Summary: 62531 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 42%, 3 bedroom homes decreased by 8.2%, 4 bedroom homes increased by 653.5%, and 5+ bedroom homes increased by 2.6%.

Median Sold Price Compared To Nearby Zip Codes

62531
+66.6%
62540
+17.4%
62558
+6.6%

Housing Supply in 62531, IL

How many homes are available in 62531, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
880.0%

Summary: The 62531 real estate market had 8 homes for sale in October 2024, the same as September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 23
+50.0%
3 54
-20.0%
4 11
0.0%
5+ 00
0.0%

Summary: The 62531 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 50%, 3 bedroom homes decreased by 20%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
23+50.0%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 62531, you may be able to get a good deal. 100% of homes here sold below asking price last month.

Summary: A total of 3 homes were sold or pending in 62531 in October 2024, up by 50.0% month-over-month. Of the 3 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.

Days on Market for 62531, IL

How long does it take to sell a home in 62531, IL?

Average Sale Time

Oct 2023Oct 2024CHANGE
41 Days59 Days+44.7%

Summary: Homes in 62531 had an average of 59 days on market in Oct 2024, up by 44.7% compared to last year.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 62531 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 3 homes were sold in 62531; 33% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 33% 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 62531, IL

Nearby Markets to 62531, IL