$1,781 Closing Credit*
$150,000
Diane Godwin-Luckey, Listing Office: RE/MAX Concepts Moline
Is Milan, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$161,000
$115/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$19,000(+13.4%)
Key Takeaway
Homes in Milan have sold for 13.4% more than they did a year ago.
Summary: The median home sold price in Milan was $161,000 in October 2024, up 13.4% from last year, and the median price per square foot was $115.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $54.5K | $79.5K | +45.9% |
| 2 Bedrooms | $101.5K | $108.5K | +6.9% |
| 3 Bedrooms | $142K | $157.5K | +10.9% |
| 4 Bedrooms | $232.5K | $259.9K | +11.8% |
| 5+ Bedrooms | $445K | $256K | -42.5% |
Summary: Milan housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 45.9%, 2 bedroom homes increased by 6.9%, 3 bedroom homes increased by 10.9%, 4 bedroom homes increased by 11.8%, and 5+ bedroom homes decreased by 42.5%.
Median Sold Price Compared To Nearby Cities
| Blackhawk Township | $141.5K | $163K | +15.2% |
| Milan | $142K | $161K | +13.4% |
| Rock Island | $123K | $135K | +9.8% |
| South Rock Island Township | $139K | $145K | +4.3% |
Housing Supply in Milan, IL
How many homes are available in Milan, IL?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 32 | 34 | +6.3% |
Summary: The Milan real estate market had 34 homes for sale in October 2024, a 6.3% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 7 | 7 | 0.0% |
| 3 Bedrooms | 14 | 18 | +28.6% |
| 4 Bedrooms | 9 | 8 | -11.1% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Milan housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 28.6%, 4 bedroom homes decreased by 11.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 7 | 9 | +28.6% |
Asking Price vs. Sold Price
5 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. 55.6% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in Milan in October 2024, up by 28.6% month-over-month. Of the 9 sold homes, 56% were sold under asking, 33% were sold at asking, and 11% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 27 Days | 20 Days | -26.8% |
Summary: Homes in Milan had an average of 20 days on market in Oct 2024, down by 26.8% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
3 Homes Were 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 October 2024, 9 homes were sold in Milan; 67% of homes were sold within 30 days, 33% 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.