Is Milan Township, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Milan Township is a seller's market

Buyer's
Market

Difference Since Last Month

Since last month, Milan Township has remained a Seller's Market.

Key Takeaway

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

Housing Prices in Milan Township, IL

How much do homes in Milan Township, IL cost?

Median Sold Price

$125,000

$124/sqft

Based on all homes sold in October 2024.

Difference Since Last Month

-$30,000(-19.4%)

Key Takeaway

Homes in Milan Township have sold for 19.4% less than they did a month ago.

Summary: The median home sold price in Milan Township was $125,000 in October 2024, down 19.4% from last month, and the median price per square foot was $124.

Median Sold Price By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 $104K-
N/A
2 $39K$108.5K
+178.2%
3 $155K$125K
-19.4%
4 $235K$592.4K
+152.1%
5+ $169.9K-
N/A

Summary: Milan Township housing prices by bedroom type for October 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 178.2%, 3 bedroom homes decreased by 19.4%, 4 bedroom homes increased by 152.1%, and 5+ bedroom homes did not change.

Housing Supply in Milan Township, IL

How many homes are available in Milan Township, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
3437+8.8%

Summary: The Milan Township real estate market had 37 homes for sale in October 2024, a 8.8% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 10
-100.0%
2 88
0.0%
3 1418
+28.6%
4 109
-10.0%
5+ 12
+100.0%

Summary: The Milan Township 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 10%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
79+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

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Milan Township, 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 Township 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 Township, IL

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

Average Sale Time

Sep 2024Oct 2024CHANGE
13 Days20 Days+50.6%

Summary: Homes in Milan Township had an average of 20 days on market in Oct 2024, up by 50.6% compared to last month.

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

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 9 homes were sold in Milan Township; 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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 16 Days Ago

Newest Listings in Milan Township, IL

Nearby Markets to Milan Township, IL

What housing markets are near Milan Township, IL?