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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Burbank is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Burbank, IL

How much do homes in Burbank, IL cost?

Median Sold Price

$295,000

$208/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$12,000(+4.2%)

Key Takeaway

Homes in Burbank have sold for 4.2% more than they did a year ago.

Summary: The median home sold price in Burbank was $295,000 in October 2024, up 4.2% from last year, and the median price per square foot was $208.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $182K$225K
+23.6%
3 $276.2K$285K
+3.2%
4 $320K$317.5K
-0.8%
5+ $476K$378.2K
-20.5%

Summary: Burbank 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 23.6%, 3 bedroom homes increased by 3.2%, 4 bedroom homes decreased by 0.8%, and 5+ bedroom homes decreased by 20.5%.

Median Sold Price Compared To Nearby Cities

Oak Lawn
+9.6%
Bridgeview
+6.3%
Burbank
+4.2%
Stickney Township
+1.8%

Housing Supply in Burbank, IL

How many homes are available in Burbank, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
9290-2.2%

Summary: The Burbank real estate market had 90 homes for sale in October 2024, a 2.2% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 108
-20.0%
3 4751
+8.5%
4 2420
-16.7%
5+ 1111
0.0%

Summary: The Burbank 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 decreased by 20%, 3 bedroom homes increased by 8.5%, 4 bedroom homes decreased by 16.7%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
3224-25.0%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

13 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Burbank, you could pay more than the asking price. 54.2% of homes here sold above asking price last month.

Summary: A total of 24 homes were sold or pending in Burbank in October 2024, down by 25.0% month-over-month. Of the 24 sold homes, 29% were sold under asking, 17% were sold at asking, and 54% were sold over asking.

Days on Market for Burbank, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
29 Days27 Days-6.1%

Summary: Homes in Burbank had an average of 27 days on market in Oct 2024, down by 6.1% compared to last year.

Breakdown of Home Sale Times

16 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 24 homes were sold in Burbank; 67% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% 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

Newest Listings in Burbank, IL

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