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 November 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

$389,900

$185/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$30,900(+8.6%)

Key Takeaway

Homes in Mahomet have sold for 8.6% more than they did a year ago.

Summary: The median home sold price in Mahomet was $389,900 in November 2024, up 8.6% from last year, and the median price per square foot was $185.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 -$370K
N/A
2 $299.9K$318K
+6.0%
3 $288.2K$306.5K
+6.3%
4 $432.5K$443K
+2.4%
5+ $462.5K$657K
+42.1%

Summary: Mahomet housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 6%, 3 bedroom homes increased by 6.3%, 4 bedroom homes increased by 2.4%, and 5+ bedroom homes increased by 42.1%.

Median Sold Price Compared To Nearby Cities

Mahomet Township
+8.8%
Mahomet
+8.6%

Housing Supply in Mahomet, IL

How many homes are available in Mahomet, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
4948-2.0%

Summary: The Mahomet real estate market had 48 homes for sale in November 2024, a 2.0% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 11
0.0%
2 33
0.0%
3 2823
-17.9%
4 1520
+33.3%
5+ 21
-50.0%

Summary: The Mahomet housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 17.9%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes decreased by 50%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
1211-8.3%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

3 Homes Were 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. 54.5% of homes here sold below asking price last month.

Summary: A total of 11 homes were sold or pending in Mahomet in November 2024, down by 8.3% month-over-month. Of the 11 sold homes, 55% were sold under asking, 18% were sold at asking, and 27% 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

Nov 2023Nov 2024CHANGE
40 Days39 Days-1.8%

Summary: Homes in Mahomet had an average of 39 days on market in Nov 2024, down by 1.8% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 11 homes were sold in Mahomet; 55% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 9% 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

Nearby Markets to Mahomet, IL

What housing markets are near Mahomet, IL?