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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Marion is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Marion, IL

How much do homes in Marion, IL cost?

Median Sold Price

$184,500

$112/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$20,653(+12.6%)

Key Takeaway

Homes in Marion have sold for 12.6% more than they did a year ago.

Summary: The median home sold price in Marion was $184,500 in October 2024, up 12.6% from last year, and the median price per square foot was $112.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $24K$93.5K
+289.6%
2 $79K$93.1K
+17.9%
3 $166.9K$192K
+15.0%
4 $237.2K$287K
+21.0%
5+ $425K$387.5K
-8.8%

Summary: Marion housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 289.6%, 2 bedroom homes increased by 17.9%, 3 bedroom homes increased by 15%, 4 bedroom homes increased by 21%, and 5+ bedroom homes decreased by 8.8%.

Median Sold Price Compared To Nearby Cities

East Marion
+17.3%
Marion
+12.6%
West Marion
+7.9%
Creal Springs
-23.4%

Housing Supply in Marion, IL

How many homes are available in Marion, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
1291290.0%

Summary: The Marion real estate market had 129 homes for sale in October 2024, the same as September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 11
0.0%
2 3125
-19.4%
3 6460
-6.3%
4 2736
+33.3%
5+ 67
+16.7%

Summary: The Marion 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 decreased by 19.4%, 3 bedroom homes decreased by 6.3%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 16.7%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
3126-16.1%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Marion, you may be able to get a good deal. 61.5% of homes here sold below asking price last month.

Summary: A total of 26 homes were sold or pending in Marion in October 2024, down by 16.1% month-over-month. Of the 26 sold homes, 62% were sold under asking, 23% were sold at asking, and 15% were sold over asking.

Days on Market for Marion, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
54 Days38 Days-29.9%

Summary: Homes in Marion had an average of 38 days on market in Oct 2024, down by 29.9% compared to last year.

Breakdown of Home Sale Times

17 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 26 homes were sold in Marion; 65% of homes were sold within 30 days, 23% 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 Marion, IL

Nearby Markets to Marion, IL

What housing markets are near Marion, IL?