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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Marengo is a seller's market

Buyer's
Market

Difference Since November 2023

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

Key Takeaway

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

Housing Prices in Marengo, IL

How much do homes in Marengo, IL cost?

Median Sold Price

$349,395

$172/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$68,895(+24.6%)

Key Takeaway

Homes in Marengo have sold for 24.6% more than they did a year ago.

Summary: The median home sold price in Marengo was $349,395 in November 2024, up 24.6% from last year, and the median price per square foot was $172.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $217.5K$431.5K
+98.4%
2 $190K$270K
+42.1%
3 $275.5K$325K
+18.0%
4 $335K$399.9K
+19.4%
5+ $367.5K$370K
+0.7%

Summary: Marengo housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 98.4%, 2 bedroom homes increased by 42.1%, 3 bedroom homes increased by 18%, 4 bedroom homes increased by 19.4%, and 5+ bedroom homes increased by 0.7%.

Median Sold Price Compared To Nearby Cities

Marengo Township
+26.0%
Marengo
+24.6%
Seneca Township
+20.0%
Riley Township
+6.8%

Housing Supply in Marengo, IL

How many homes are available in Marengo, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
6266+6.5%

Summary: The Marengo real estate market had 66 homes for sale in November 2024, a 6.5% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 10
-100.0%
2 1115
+36.4%
3 2527
+8.0%
4 1818
0.0%
5+ 76
-14.3%

Summary: The Marengo housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 36.4%, 3 bedroom homes increased by 8%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 14.3%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
1118+63.6%

Asking Price vs. Sold Price

11 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Marengo, you may be able to get a good deal. 61.1% of homes here sold below asking price last month.

Summary: A total of 18 homes were sold or pending in Marengo in November 2024, up by 63.6% month-over-month. Of the 18 sold homes, 61% were sold under asking, 11% were sold at asking, and 28% were sold over asking.

Days on Market for Marengo, IL

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

Average Sale Time

Nov 2023Nov 2024CHANGE
7 Days34 Days+335.9%

Summary: Homes in Marengo had an average of 34 days on market in Nov 2024, up by 335.9% compared to last year.

Breakdown of Home Sale Times

11 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 18 homes were sold in Marengo; 61% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 11% 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 17 Days Ago

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