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 October 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

$183,862

$116/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$13,862(+8.2%)

Key Takeaway

Homes in Madison County have sold for 8.2% more than they did a year ago.

Summary: The median home sold price in Madison County was $183,862 in October 2024, up 8.2% from last year, and the median price per square foot was $116.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $47K$50K
+6.4%
2 $100K$111.6K
+11.7%
3 $178.7K$193.7K
+8.3%
4 $295.5K$322.7K
+9.2%
5+ $400K$395K
-1.3%

Summary: Madison County housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.4%, 2 bedroom homes increased by 11.7%, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 9.2%, and 5+ bedroom homes decreased by 1.3%.

Median Sold Price Compared To Nearby Counties

Macoupin County
+15.9%
Jersey County
+12.7%
Madison County
+8.2%
Saint Clair County
+7.6%
Bond County
+7.6%

Housing Supply in Madison County, IL

How many homes are available in Madison County, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
941992+5.4%

Summary: The Madison County real estate market had 992 homes for sale in October 2024, a 5.4% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 1818
0.0%
2 231260
+12.6%
3 442443
0.2%
4 197207
+5.1%
5+ 5364
+20.8%

Summary: The Madison County housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 12.6%, 3 bedroom homes increased by 0.2%, 4 bedroom homes increased by 5.1%, and 5+ bedroom homes increased by 20.8%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
281270-3.9%

Asking Price vs. Sold Price

110 Homes Were Sold
Under Asking

64 Homes Were Sold
At Asking

96 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. 40.7% of homes here sold below asking price last month.

Summary: A total of 270 homes were sold or pending in Madison County in October 2024, down by 3.9% month-over-month. Of the 270 sold homes, 41% were sold under asking, 24% 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

Oct 2023Oct 2024CHANGE
37 Days56 Days+49.4%

Summary: Homes in Madison County had an average of 56 days on market in Oct 2024, up by 49.4% compared to last year.

Breakdown of Home Sale Times

113 Homes Were Sold
Under 30 Days

124 Homes Were Sold
In 30 - 90 Days

32 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Madison County has remained consistent over time.

Summary: During October 2024, 270 homes were sold in Madison County; 42% of homes were sold within 30 days, 46% of homes were sold within 30 to 90 days, and 12% 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?