Is Madison County, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Madison County has remained a Seller's Market.
Housing Prices in Madison County, IL
How much do homes in Madison County, IL cost?
Median Sold Price
$176,641
$113/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Madison County was $176,641 in May 2024, up 5.6% from last year, and the median price per square foot was $113.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $46.4K | $42K | -9.6% |
2 Bedrooms | $94.9K | $107.6K | +13.4% |
3 Bedrooms | $171.7K | $185K | +7.7% |
4 Bedrooms | $294.1K | $311.8K | +6.0% |
5+ Bedrooms | $370K | $418.5K | +13.1% |
Summary: Madison County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 9.6%, 2 bedroom homes increased by 13.4%, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 6%, and 5+ bedroom homes increased by 13.1%.
Median Sold Price Compared To Nearby Counties
Jersey County | $138K | $150K | +8.7% |
Saint Clair County | $187.7K | $199.9K | +6.5% |
Madison County | $167.2K | $176.6K | +5.6% |
Macoupin County | $122.2K | $127K | +3.9% |
Bond County | $142.5K | $145K | +1.8% |
Housing Supply in Madison County, IL
How many homes are available in Madison County, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
886 | 919 | +3.7% |
Summary: The Madison County real estate market had 919 homes for sale in May 2024, a 3.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 6 | 9 | +50.0% |
2 Bedrooms | 218 | 211 | -3.2% |
3 Bedrooms | 413 | 433 | +4.8% |
4 Bedrooms | 198 | 217 | +9.6% |
5+ Bedrooms | 51 | 49 | -3.9% |
Summary: The Madison County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes decreased by 3.2%, 3 bedroom homes increased by 4.8%, 4 bedroom homes increased by 9.6%, and 5+ bedroom homes decreased by 3.9%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
288 | 309 | +7.3% |
Asking Price vs. Sold Price
101 Homes Were Sold
Under Asking
70 Homes Were Sold
At Asking
138 Homes Were Sold
Over Asking
Summary: A total of 309 homes were sold or pending in Madison County in May 2024, up by 7.3% month-over-month. Of the 309 sold homes, 33% were sold under asking, 23% were sold at asking, and 45% 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
May 2023 | May 2024 | CHANGE |
---|---|---|
44 Days | 43 Days | -1.8% |
Summary: Homes in Madison County had an average of 43 days on market in May 2024, down by 1.8% compared to last year.
Breakdown of Home Sale Times
137 Homes Were Sold
Under 30 Days
130 Homes Were Sold
In 30 - 90 Days
38 Homes Were Sold
Over 90 Days
Summary: During May 2024, 309 homes were sold in Madison County; 44% of homes were sold within 30 days, 42% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.