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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Effingham is a seller's market

Buyer's
Market

Difference Since December 2023

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

Key Takeaway

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

Housing Prices in Effingham, IL

How much do homes in Effingham, IL cost?

Median Sold Price

$222,200

$118/sqft

Based on all homes sold in the last 12 months.

Difference Since December 2023

+$2,200(+1.0%)

Key Takeaway

Homes in Effingham have sold for 1% more than they did a year ago.

Summary: The median home sold price in Effingham was $222,200 in December 2024, up 1% from last year, and the median price per square foot was $118.

Median Sold Price By Bedroom Count

# BEDSDec 2023Dec 2024CHANGE
1 $170K$164K
-3.5%
2 $124K$151.5K
+22.2%
3 $215K$199K
-7.4%
4 $285K$337.5K
+18.4%
5+ $469.4K$475K
+1.2%

Summary: Effingham housing prices by bedroom type for December 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3.5%, 2 bedroom homes increased by 22.2%, 3 bedroom homes decreased by 7.4%, 4 bedroom homes increased by 18.4%, and 5+ bedroom homes increased by 1.2%.

Median Sold Price Compared To Nearby Cities

Douglas Township
+2.3%
Effingham
+1.0%
Watson Township
-5.3%

Housing Supply in Effingham, IL

How many homes are available in Effingham, IL?

Number of Homes For Sale

Nov 2024Dec 2024CHANGE
6762-7.5%

Summary: The Effingham real estate market had 62 homes for sale in December 2024, a 7.5% decrease compared to November 2024.

Homes For Sale By Bedroom Count

# BEDSNov 2024Dec 2024CHANGE
1 00
0.0%
2 64
-33.3%
3 3026
-13.3%
4 2018
-10.0%
5+ 1114
+27.3%

Summary: The Effingham housing inventory by bedroom type for December 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 33.3%, 3 bedroom homes decreased by 13.3%, 4 bedroom homes decreased by 10%, and 5+ bedroom homes increased by 27.3%.

Number of Homes Sold

Nov 2024Dec 2024CHANGE
1114+27.3%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Effingham, you may be able to get a good deal. 64.3% of homes here sold below asking price last month.

Summary: A total of 14 homes were sold or pending in Effingham in December 2024, up by 27.3% month-over-month. Of the 14 sold homes, 64% were sold under asking, 14% were sold at asking, and 21% were sold over asking.

Days on Market for Effingham, IL

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

Average Sale Time

Dec 2023Dec 2024CHANGE
30 Days60 Days+100.7%

Summary: Homes in Effingham had an average of 60 days on market in Dec 2024, up by 100.7% compared to last year.

Breakdown of Home Sale Times

7 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During December 2024, 14 homes were sold in Effingham; 50% of homes were sold within 30 days, 29% 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 6 Days Ago

Newest Listings in Effingham, IL

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