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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Mokena is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Mokena, IL

How much do homes in Mokena, IL cost?

Median Sold Price

$383,900

$188/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$6,100(-1.6%)

Key Takeaway

Homes in Mokena have sold for 1.6% less than they did a year ago.

Summary: The median home sold price in Mokena was $383,900 in October 2024, down 1.6% from last year, and the median price per square foot was $188.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $113.5K$189.9K
+67.4%
2 $265K$293.7K
+10.8%
3 $326.5K$360K
+10.3%
4 $522.5K$519.7K
-0.5%
5+ $615K$721K
+17.2%

Summary: Mokena housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 67.4%, 2 bedroom homes increased by 10.8%, 3 bedroom homes increased by 10.3%, 4 bedroom homes decreased by 0.5%, and 5+ bedroom homes increased by 17.2%.

Median Sold Price Compared To Nearby Cities

Frankfort Township
+8.7%
New Lenox Township
+8.3%
Tinley Park
+8.2%
Frankfort
+5.7%
Mokena
-1.6%

Housing Supply in Mokena, IL

How many homes are available in Mokena, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
98100+2.0%

Summary: The Mokena real estate market had 100 homes for sale in October 2024, a 2.0% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 11
0.0%
2 2422
-8.3%
3 3032
+6.7%
4 2932
+10.3%
5+ 1413
-7.1%

Summary: The Mokena 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 8.3%, 3 bedroom homes increased by 6.7%, 4 bedroom homes increased by 10.3%, and 5+ bedroom homes decreased by 7.1%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
3026-13.3%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Mokena, 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 Mokena in October 2024, down by 13.3% month-over-month. Of the 26 sold homes, 62% were sold under asking, 12% were sold at asking, and 27% were sold over asking.

Days on Market for Mokena, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
13 Days22 Days+70.8%

Summary: Homes in Mokena had an average of 22 days on market in Oct 2024, up by 70.8% compared to last year.

Breakdown of Home Sale Times

21 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 26 homes were sold in Mokena; 81% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 8% 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

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