$10,000
Land
Derrick Miller, Listing Office: Ruhl&Ruhl REALTORS Bettendorf
Is Milan, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, Milan has remained a Seller's Market.
Key Takeaway
Milan is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Milan, IL
How much do homes in Milan, IL cost?
Median Sold Price
$169,900
$118/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$25,150(+17.4%)
Key Takeaway
Homes in Milan have sold for 17.4% more than they did a year ago.
Summary: The median home sold price in Milan was $169,900 in November 2024, up 17.4% from last year, and the median price per square foot was $118.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $54.5K | $79.5K | +45.9% |
| 2 Bedrooms | $101.5K | $108K | +6.4% |
| 3 Bedrooms | $142K | $174.9K | +23.2% |
| 4 Bedrooms | $230K | $270K | +17.4% |
| 5+ Bedrooms | $445K | $256K | -42.5% |
Summary: Milan housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 45.9%, 2 bedroom homes increased by 6.4%, 3 bedroom homes increased by 23.2%, 4 bedroom homes increased by 17.4%, and 5+ bedroom homes decreased by 42.5%.
Median Sold Price Compared To Nearby Cities
| Bowling Township | $176K | $275K | +56.3% |
| Blackhawk Township | $140K | $169.9K | +21.4% |
| Milan | $144.7K | $169.9K | +17.4% |
| Rock Island | $122.5K | $138.5K | +13.1% |
| South Rock Island Township | $135K | $148K | +9.6% |
Housing Supply in Milan, IL
How many homes are available in Milan, IL?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 33 | 29 | -12.1% |
Summary: The Milan real estate market had 29 homes for sale in November 2024, a 12.1% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 8 | 5 | -37.5% |
| 3 Bedrooms | 16 | 17 | +6.3% |
| 4 Bedrooms | 8 | 6 | -25.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Milan 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 decreased by 37.5%, 3 bedroom homes increased by 6.3%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 9 | 10 | +11.1% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Milan, you may be able to get a good deal. 60% of homes here sold below asking price last month.
Summary: A total of 10 homes were sold or pending in Milan in November 2024, up by 11.1% month-over-month. Of the 10 sold homes, 60% were sold under asking, 30% were sold at asking, and 10% were sold over asking.
Days on Market for Milan, IL
How long does it take to sell a home in Milan, IL?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 16 Days | 15 Days | -5.3% |
Summary: Homes in Milan had an average of 15 days on market in Nov 2024, down by 5.3% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Milan are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 10 homes were sold in Milan; 90% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Listings courtesy of RMLS Alliance as distributed by MLS GRID.