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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Phoenix is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Phoenix, IL

How much do homes in Phoenix, IL cost?

Median Sold Price

$142,950

$123/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$1,950(+1.4%)

Key Takeaway

Homes in Phoenix have sold for 1.4% more than they did a year ago.

Summary: The median home sold price in Phoenix was $142,950 in October 2024, up 1.4% from last year, and the median price per square foot was $123.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $34K$43.6K
+28.3%
3 $146K$142.5K
-2.4%
4 $184.9K$150.9K
-18.4%
5+ $85K$195K
+129.4%

Summary: Phoenix housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 28.3%, 3 bedroom homes decreased by 2.4%, 4 bedroom homes decreased by 18.4%, and 5+ bedroom homes increased by 129.4%.

Median Sold Price Compared To Nearby Cities

Thornton Township
+9.6%
Harvey
+7.1%
South Holland
+5.0%
Phoenix
+1.4%

Housing Supply in Phoenix, IL

How many homes are available in Phoenix, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
1311-15.4%

Summary: The Phoenix real estate market had 11 homes for sale in October 2024, a 15.4% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 31
-66.7%
3 65
-16.7%
4 23
+50.0%
5+ 22
0.0%

Summary: The Phoenix 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 66.7%, 3 bedroom homes decreased by 16.7%, 4 bedroom homes increased by 50%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
53-40.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

1 Home Was Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Phoenix, you may be able to get a good deal. 33.3% of homes here sold below asking price last month.

Summary: A total of 3 homes were sold or pending in Phoenix in October 2024, down by 40.0% month-over-month. Of the 3 sold homes, 33% were sold under asking, 33% were sold at asking, and 33% were sold over asking.

Days on Market for Phoenix, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
27 Days50 Days+84.2%

Summary: Homes in Phoenix had an average of 50 days on market in Oct 2024, up by 84.2% compared to last year.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 3 homes were sold in Phoenix; 33% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 33% 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 Phoenix, IL

Nearby Markets to Phoenix, IL

What housing markets are near Phoenix, IL?