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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Kankakee is a neutral's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

Kankakee 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 Kankakee, IL

How much do homes in Kankakee, IL cost?

Median Sold Price

$154,000

$112/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$14,000(+10.0%)

Key Takeaway

Homes in Kankakee have sold for 10% more than they did a year ago.

Summary: The median home sold price in Kankakee was $154,000 in October 2024, up 10% from last year, and the median price per square foot was $112.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $46.5K$105.5K
+126.9%
2 $102K$112.5K
+10.3%
3 $143.9K$169.9K
+18.1%
4 $169.9K$205K
+20.7%
5+ $212.5K$160K
-24.7%

Summary: Kankakee housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 126.9%, 2 bedroom homes increased by 10.3%, 3 bedroom homes increased by 18.1%, 4 bedroom homes increased by 20.7%, and 5+ bedroom homes decreased by 24.7%.

Median Sold Price Compared To Nearby Cities

Aroma Township
+14.0%
Kankakee
+10.0%
Kankakee Township
+10.0%
Bourbonnais Township
+9.1%
Bradley
+5.8%

Housing Supply in Kankakee, IL

How many homes are available in Kankakee, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
138152+10.1%

Summary: The Kankakee real estate market had 152 homes for sale in October 2024, a 10.1% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 24
+100.0%
2 3535
0.0%
3 6366
+4.8%
4 3038
+26.7%
5+ 89
+12.5%

Summary: The Kankakee housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 4.8%, 4 bedroom homes increased by 26.7%, and 5+ bedroom homes increased by 12.5%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
3922-43.6%

Asking Price vs. Sold Price

14 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Kankakee, you may be able to get a good deal. 63.6% of homes here sold below asking price last month.

Summary: A total of 22 homes were sold or pending in Kankakee in October 2024, down by 43.6% month-over-month. Of the 22 sold homes, 64% were sold under asking, 23% were sold at asking, and 14% were sold over asking.

Days on Market for Kankakee, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
28 Days37 Days+28.4%

Summary: Homes in Kankakee had an average of 37 days on market in Oct 2024, up by 28.4% compared to last year.

Breakdown of Home Sale Times

13 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 22 homes were sold in Kankakee; 59% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 5% 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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