Is Madison County, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Madison County is a seller's market

Buyer's
Market

Difference Since November 2023

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

Key Takeaway

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

Housing Prices in Madison County, IL

How much do homes in Madison County, IL cost?

Median Sold Price

$184,989

$118/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$14,562(+8.5%)

Key Takeaway

Homes in Madison County have sold for 8.5% more than they did a year ago.

Summary: The median home sold price in Madison County was $184,989 in November 2024, up 8.5% from last year, and the median price per square foot was $118.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $44K$53K
+20.5%
2 $101.4K$115K
+13.3%
3 $179.8K$194.9K
+8.4%
4 $299K$320K
+7.0%
5+ $395K$401K
+1.5%

Summary: Madison County housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 20.5%, 2 bedroom homes increased by 13.3%, 3 bedroom homes increased by 8.4%, 4 bedroom homes increased by 7%, and 5+ bedroom homes increased by 1.5%.

Median Sold Price Compared To Nearby Counties

Bond County
+18.9%
Macoupin County
+16.0%
Jersey County
+12.7%
Madison County
+8.5%
Saint Clair County
+7.7%

Housing Supply in Madison County, IL

How many homes are available in Madison County, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
958930-2.9%

Summary: The Madison County real estate market had 930 homes for sale in November 2024, a 2.9% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 1618
+12.5%
2 255251
-1.6%
3 426425
-0.2%
4 197177
-10.2%
5+ 6459
-7.8%

Summary: The Madison County housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 12.5%, 2 bedroom homes decreased by 1.6%, 3 bedroom homes decreased by 0.2%, 4 bedroom homes decreased by 10.2%, and 5+ bedroom homes decreased by 7.8%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
283229-19.1%

Asking Price vs. Sold Price

97 Homes Were Sold
Under Asking

50 Homes Were Sold
At Asking

82 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Madison County, you may be able to get a good deal. 42.4% of homes here sold below asking price last month.

Summary: A total of 229 homes were sold or pending in Madison County in November 2024, down by 19.1% month-over-month. Of the 229 sold homes, 42% were sold under asking, 22% were sold at asking, and 36% were sold over asking.

Days on Market for Madison County, IL

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

Average Sale Time

Nov 2023Nov 2024CHANGE
39 Days39 Days+1.9%

Summary: Homes in Madison County had an average of 39 days on market in Nov 2024, up by 1.9% compared to last year.

Breakdown of Home Sale Times

109 Homes Were Sold
Under 30 Days

95 Homes Were Sold
In 30 - 90 Days

24 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 229 homes were sold in Madison County; 48% of homes were sold within 30 days, 41% of homes were sold within 30 to 90 days, and 10% 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 20 Days Ago

Newest Listings in Madison County, IL

Nearby Markets to Madison County, IL

What housing markets are near Madison County, IL?