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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Joliet is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Joliet, IL

How much do homes in Joliet, IL cost?

Median Sold Price

$277,453

$177/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$16,074(+6.1%)

Key Takeaway

Homes in Joliet have sold for 6.1% more than they did a year ago.

Summary: The median home sold price in Joliet was $277,453 in October 2024, up 6.1% from last year, and the median price per square foot was $177.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $75.2K$100.5K
+33.6%
2 $200K$222K
+11.0%
3 $269K$285K
+5.9%
4 $350K$365K
+4.3%
5+ $307.5K$370K
+20.3%

Summary: Joliet housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 33.6%, 2 bedroom homes increased by 11%, 3 bedroom homes increased by 5.9%, 4 bedroom homes increased by 4.3%, and 5+ bedroom homes increased by 20.3%.

Median Sold Price Compared To Nearby Cities

Crest Hill
+10.7%
Joliet Township
+10.6%
Troy Township
+8.4%
Joliet
+6.1%

Housing Supply in Joliet, IL

How many homes are available in Joliet, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
493566+14.8%

Summary: The Joliet real estate market had 566 homes for sale in October 2024, a 14.8% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 78
+14.3%
2 116129
+11.2%
3 230272
+18.3%
4 123133
+8.1%
5+ 1724
+41.2%

Summary: The Joliet housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 14.3%, 2 bedroom homes increased by 11.2%, 3 bedroom homes increased by 18.3%, 4 bedroom homes increased by 8.1%, and 5+ bedroom homes increased by 41.2%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
138166+20.3%

Asking Price vs. Sold Price

57 Homes Were Sold
Under Asking

45 Homes Were Sold
At Asking

64 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Joliet, you could pay more than the asking price. 38.6% of homes here sold above asking price last month.

Summary: A total of 166 homes were sold or pending in Joliet in October 2024, up by 20.3% month-over-month. Of the 166 sold homes, 34% were sold under asking, 27% were sold at asking, and 39% were sold over asking.

Days on Market for Joliet, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
20 Days18 Days-9.9%

Summary: Homes in Joliet had an average of 18 days on market in Oct 2024, down by 9.9% compared to last year.

Breakdown of Home Sale Times

135 Homes Were Sold
Under 30 Days

29 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 166 homes were sold in Joliet; 81% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 1% 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

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