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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Reed Township is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Reed Township, IL

How much do homes in Reed Township, IL cost?

Median Sold Price

$231,450

$169/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$19,950(+9.4%)

Key Takeaway

Homes in Reed Township have sold for 9.4% more than they did a year ago.

Summary: The median home sold price in Reed Township was $231,450 in October 2024, up 9.4% from last year, and the median price per square foot was $169.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $111K$123K
+10.8%
2 $182.9K$190K
+3.9%
3 $228K$259.9K
+14.0%
4 $305K$319.9K
+4.9%
5+ $385K$385K
0.0%

Summary: Reed Township housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.8%, 2 bedroom homes increased by 3.9%, 3 bedroom homes increased by 14%, 4 bedroom homes increased by 4.9%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Braidwood
+13.0%
Reed Township
+9.4%
Braceville
+0.9%
Braceville Township
-2.3%

Housing Supply in Reed Township, IL

How many homes are available in Reed Township, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
3133+6.5%

Summary: The Reed Township real estate market had 33 homes for sale in October 2024, a 6.5% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 99
0.0%
2 35
+66.7%
3 1010
0.0%
4 77
0.0%
5+ 22
0.0%

Summary: The Reed Township 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 increased by 66.7%, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
912+33.3%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Reed Township, you could pay more than the asking price. 50% of homes here sold above asking price last month.

Summary: A total of 12 homes were sold or pending in Reed Township in October 2024, up by 33.3% month-over-month. Of the 12 sold homes, 42% were sold under asking, 8% were sold at asking, and 50% were sold over asking.

Days on Market for Reed Township, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
32 Days26 Days-19.5%

Summary: Homes in Reed Township had an average of 26 days on market in Oct 2024, down by 19.5% compared to last year.

Breakdown of Home Sale Times

9 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 12 homes were sold in Reed Township; 75% of homes were sold within 30 days, 17% 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 16 Days Ago

Newest Listings in Reed Township, IL

Nearby Markets to Reed Township, IL

What housing markets are near Reed Township, IL?