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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Cortland is a neutral's market

Buyer's
Market

Difference Since October 2023

At the same time last year, Cortland was a Seller's Market.

Key Takeaway

Cortland is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Cortland, IL

How much do homes in Cortland, IL cost?

Median Sold Price

$274,950

$156/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$9,950(+3.8%)

Key Takeaway

Homes in Cortland have sold for 3.8% more than they did a year ago.

Summary: The median home sold price in Cortland was $274,950 in October 2024, up 3.8% from last year, and the median price per square foot was $156.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $204.9K-
N/A
2 $196K$230K
+17.3%
3 $265K$275K
+3.8%
4 $272K$302.9K
+11.4%
5+ $279.3K$230K
-17.7%

Summary: Cortland 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 17.3%, 3 bedroom homes increased by 3.8%, 4 bedroom homes increased by 11.4%, and 5+ bedroom homes decreased by 17.7%.

Median Sold Price Compared To Nearby Cities

DeKalb
+10.8%
Cortland
+3.8%
Cortland Township
0.0%
Maple Park
-6.8%

Housing Supply in Cortland, IL

How many homes are available in Cortland, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
3336+9.1%

Summary: The Cortland real estate market had 36 homes for sale in October 2024, a 9.1% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 57
+40.0%
3 1520
+33.3%
4 139
-30.8%
5+ 00
0.0%

Summary: The Cortland 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 40%, 3 bedroom homes increased by 33.3%, 4 bedroom homes decreased by 30.8%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
96-33.3%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

3 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Cortland, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.

Summary: A total of 6 homes were sold or pending in Cortland in October 2024, down by 33.3% month-over-month. Of the 6 sold homes, 17% were sold under asking, 50% were sold at asking, and 33% were sold over asking.

Days on Market for Cortland, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
14 Days37 Days+152.0%

Summary: Homes in Cortland had an average of 37 days on market in Oct 2024, up by 152% compared to last year.

Breakdown of Home Sale Times

4 Homes Were 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 Cortland are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 6 homes were sold in Cortland; 67% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 17% 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 Cortland, IL

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What housing markets are near Cortland, IL?