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 September 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

$464,000

$187/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$16,733(+3.7%)

Key Takeaway

Homes in Frankfort have sold for 3.7% more than they did a year ago.

Summary: The median home sold price in Frankfort was $464,000 in September 2024, up 3.7% from last year, and the median price per square foot was $187.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $201.2K$211.4K
+5.1%
2 $340K$287.5K
-15.4%
3 $356.5K$385K
+8.0%
4 $570K$560K
-1.8%
5+ $611.5K$625K
+2.2%

Summary: Frankfort housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.1%, 2 bedroom homes decreased by 15.4%, 3 bedroom homes increased by 8%, 4 bedroom homes decreased by 1.8%, and 5+ bedroom homes increased by 2.2%.

Median Sold Price Compared To Nearby Cities

Frankfort Township
+10.2%
Green Garden Township
+6.6%
Matteson
+4.6%
Frankfort
+3.7%
Mokena
+1.1%

Housing Supply in Frankfort, IL

How many homes are available in Frankfort, IL?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
128143+11.7%

Summary: The Frankfort real estate market had 143 homes for sale in September 2024, a 11.7% increase compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 10
-100.0%
2 97
-22.2%
3 5154
+5.9%
4 5160
+17.6%
5+ 1622
+37.5%

Summary: The Frankfort housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 22.2%, 3 bedroom homes increased by 5.9%, 4 bedroom homes increased by 17.6%, and 5+ bedroom homes increased by 37.5%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
3229-9.4%

Asking Price vs. Sold Price

15 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

6 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. 51.7% of homes here sold below asking price last month.

Summary: A total of 29 homes were sold or pending in Frankfort in September 2024, down by 9.4% month-over-month. Of the 29 sold homes, 52% were sold under asking, 28% were sold at asking, and 21% 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

Sep 2023Sep 2024CHANGE
21 Days27 Days+29.2%

Summary: Homes in Frankfort had an average of 27 days on market in Sep 2024, up by 29.2% compared to last year.

Breakdown of Home Sale Times

22 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

1 Home Was 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 September 2024, 29 homes were sold in Frankfort; 76% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 3% 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 29 Days Ago

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