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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Frankfort is a seller's market

Buyer's
Market

Difference Since November 2023

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

Key Takeaway

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

Housing Prices in Frankfort, IL

How much do homes in Frankfort, IL cost?

Median Sold Price

$473,666

$190/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$33,666(+7.7%)

Key Takeaway

Homes in Frankfort have sold for 7.7% more than they did a year ago.

Summary: The median home sold price in Frankfort was $473,666 in November 2024, up 7.7% from last year, and the median price per square foot was $190.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $201.2K$211.4K
+5.1%
2 $305K$294.9K
-3.3%
3 $355K$390K
+9.9%
4 $557.5K$575K
+3.1%
5+ $623.5K$612K
-1.8%

Summary: Frankfort housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.1%, 2 bedroom homes decreased by 3.3%, 3 bedroom homes increased by 9.9%, 4 bedroom homes increased by 3.1%, and 5+ bedroom homes decreased by 1.8%.

Median Sold Price Compared To Nearby Cities

Frankfort
+7.7%
Matteson
+7.6%
Frankfort Township
+7.4%
Mokena
-6.2%

Housing Supply in Frankfort, IL

How many homes are available in Frankfort, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
120133+10.8%

Summary: The Frankfort real estate market had 133 homes for sale in November 2024, a 10.8% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 00
0.0%
2 1010
0.0%
3 4241
-2.4%
4 4863
+31.3%
5+ 2019
-5.0%

Summary: The Frankfort housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 2.4%, 4 bedroom homes increased by 31.3%, and 5+ bedroom homes decreased by 5%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
3230-6.3%

Asking Price vs. Sold Price

13 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Frankfort, you may be able to get a good deal. 43.3% of homes here sold below asking price last month.

Summary: A total of 30 homes were sold or pending in Frankfort in November 2024, down by 6.3% month-over-month. Of the 30 sold homes, 43% were sold under asking, 23% were sold at asking, and 33% were sold over asking.

Days on Market for Frankfort, IL

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

Average Sale Time

Nov 2023Nov 2024CHANGE
32 Days22 Days-31.0%

Summary: Homes in Frankfort had an average of 22 days on market in Nov 2024, down by 31% compared to last year.

Breakdown of Home Sale Times

23 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 30 homes were sold in Frankfort; 77% of homes were sold within 30 days, 17% 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 21 Days Ago

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