Is 62704, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 62704 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 62704 has remained a Seller's Market.

Key Takeaway

62704 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 62704, IL

How much do homes in 62704, IL cost?

Median Sold Price

$167,900

$103/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$10,254(+6.5%)

Key Takeaway

Homes in 62704 have sold for 6.5% more than they did a year ago.

Summary: The median home sold price in 62704 was $167,900 in October 2024, up 6.5% from last year, and the median price per square foot was $103.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $48.7K$61.9K
+27.1%
2 $102.5K$125K
+22.0%
3 $175K$181.8K
+3.9%
4 $213K$237.7K
+11.6%
5+ $380K$447K
+17.6%

Summary: 62704 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 27.1%, 2 bedroom homes increased by 22%, 3 bedroom homes increased by 3.9%, 4 bedroom homes increased by 11.6%, and 5+ bedroom homes increased by 17.6%.

Housing Supply in 62704, IL

How many homes are available in 62704, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
168153-8.9%

Summary: The 62704 real estate market had 153 homes for sale in October 2024, a 8.9% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 63
-50.0%
2 3838
0.0%
3 7366
-9.6%
4 3631
-13.9%
5+ 1515
0.0%

Summary: The 62704 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 9.6%, 4 bedroom homes decreased by 13.9%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
57570.0%

Asking Price vs. Sold Price

23 Homes Were Sold
Under Asking

14 Homes Were Sold
At Asking

20 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 62704, you may be able to get a good deal. 40.4% of homes here sold below asking price last month.

Summary: A total of 57 homes were sold or pending in 62704 in October 2024, the same as the previous month. Of the 57 sold homes, 40% were sold under asking, 25% were sold at asking, and 35% were sold over asking.

Days on Market for 62704, IL

How long does it take to sell a home in 62704, IL?

Average Sale Time

Oct 2023Oct 2024CHANGE
13 Days22 Days+71.2%

Summary: Homes in 62704 had an average of 22 days on market in Oct 2024, up by 71.2% compared to last year.

Breakdown of Home Sale Times

44 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 62704 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 57 homes were sold in 62704; 77% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 7% 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 16 Days Ago

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