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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Mahomet is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Mahomet, IL

How much do homes in Mahomet, IL cost?

Median Sold Price

$389,450

$186/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$40,000(+11.4%)

Key Takeaway

Homes in Mahomet have sold for 11.4% more than they did a year ago.

Summary: The median home sold price in Mahomet was $389,450 in October 2024, up 11.4% from last year, and the median price per square foot was $186.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 -$370K
N/A
2 $300.5K$318K
+5.8%
3 $288.2K$305K
+5.8%
4 $427.5K$449.9K
+5.2%
5+ $450K$503.5K
+11.9%

Summary: Mahomet housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 5.8%, 3 bedroom homes increased by 5.8%, 4 bedroom homes increased by 5.2%, and 5+ bedroom homes increased by 11.9%.

Median Sold Price Compared To Nearby Cities

Hensley Township
+69.2%
Mahomet
+11.4%
Mahomet Township
+10.5%

Housing Supply in Mahomet, IL

How many homes are available in Mahomet, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
5547-14.5%

Summary: The Mahomet real estate market had 47 homes for sale in October 2024, a 14.5% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 21
-50.0%
2 13
+200.0%
3 3127
-12.9%
4 1914
-26.3%
5+ 22
0.0%

Summary: The Mahomet housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 200%, 3 bedroom homes decreased by 12.9%, 4 bedroom homes decreased by 26.3%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1712-29.4%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Mahomet, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.

Summary: A total of 12 homes were sold or pending in Mahomet in October 2024, down by 29.4% month-over-month. Of the 12 sold homes, 67% were sold under asking, 25% were sold at asking, and 8% were sold over asking.

Days on Market for Mahomet, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
34 Days46 Days+36.3%

Summary: Homes in Mahomet had an average of 46 days on market in Oct 2024, up by 36.3% compared to last year.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Mahomet has remained consistent over time.

Summary: During October 2024, 12 homes were sold in Mahomet; 33% of homes were sold within 30 days, 58% of homes were sold within 30 to 90 days, and 8% 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 Mahomet, IL

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