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 November 2023

Since last year, 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

$169,900

$118/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$11,900(+7.5%)

Key Takeaway

Homes in Milan Township have sold for 7.5% more than they did a year ago.

Summary: The median home sold price in Milan Township was $169,900 in November 2024, up 7.5% from last year, and the median price per square foot was $118.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $54.5K$79.5K
+45.9%
2 $103K$108K
+4.9%
3 $165K$174.9K
+6.0%
4 $235K$270K
+14.9%
5+ $445K$212.9K
-52.1%

Summary: Milan Township 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 4.9%, 3 bedroom homes increased by 6%, 4 bedroom homes increased by 14.9%, and 5+ bedroom homes decreased by 52.1%.

Median Sold Price Compared To Nearby Cities

Milan Township
+7.5%
Malta Township
-0.5%

Housing Supply in Milan Township, IL

How many homes are available in Milan Township, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
3632-11.1%

Summary: The Milan Township real estate market had 32 homes for sale in November 2024, a 11.1% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 00
0.0%
2 96
-33.3%
3 1617
+6.3%
4 97
-22.2%
5+ 22
0.0%

Summary: The Milan Township 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 33.3%, 3 bedroom homes increased by 6.3%, 4 bedroom homes decreased by 22.2%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
912+33.3%

Asking Price vs. Sold Price

8 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. 66.7% of homes here sold below asking price last month.

Summary: A total of 12 homes were sold or pending in Milan Township in November 2024, up by 33.3% month-over-month. Of the 12 sold homes, 67% were sold under asking, 25% were sold at asking, and 8% 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

Nov 2023Nov 2024CHANGE
16 Days16 Days+1.5%

Summary: Homes in Milan Township had an average of 16 days on market in Nov 2024, up by 1.5% compared to last year.

Breakdown of Home Sale Times

10 Homes Were Sold
Under 30 Days

2 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 November 2024, 12 homes were sold in Milan Township; 83% of homes were sold within 30 days, 17% 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 17 Days Ago

Newest Listings in Milan Township, IL

Nearby Markets to Milan Township, IL

What housing markets are near Milan Township, IL?