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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Rich Township is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Rich Township, IL

How much do homes in Rich Township, IL cost?

Median Sold Price

$205,972

$133/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$3,706(+1.8%)

Key Takeaway

Homes in Rich Township have sold for 1.8% more than they did a year ago.

Summary: The median home sold price in Rich Township was $205,972 in October 2024, up 1.8% from last year, and the median price per square foot was $133.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $64.5K$105K
+62.8%
2 $149.9K$155K
+3.4%
3 $190K$185.5K
-2.4%
4 $264.7K$275K
+3.9%
5+ $389.5K$417.5K
+7.2%

Summary: Rich Township housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 62.8%, 2 bedroom homes increased by 3.4%, 3 bedroom homes decreased by 2.4%, 4 bedroom homes increased by 3.9%, and 5+ bedroom homes increased by 7.2%.

Median Sold Price Compared To Nearby Cities

Flossmoor
+14.8%
Olympia Fields
+9.8%
Matteson
+6.5%
Country Club Hills
+2.9%
Rich Township
+1.8%

Housing Supply in Rich Township, IL

How many homes are available in Rich Township, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
407483+18.7%

Summary: The Rich Township real estate market had 483 homes for sale in October 2024, a 18.7% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 11
0.0%
2 7886
+10.3%
3 189220
+16.4%
4 115144
+25.2%
5+ 2432
+33.3%

Summary: The Rich 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 10.3%, 3 bedroom homes increased by 16.4%, 4 bedroom homes increased by 25.2%, and 5+ bedroom homes increased by 33.3%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
6581+24.6%

Asking Price vs. Sold Price

35 Homes Were Sold
Under Asking

20 Homes Were Sold
At Asking

26 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Rich Township, you may be able to get a good deal. 43.2% of homes here sold below asking price last month.

Summary: A total of 81 homes were sold or pending in Rich Township in October 2024, up by 24.6% month-over-month. Of the 81 sold homes, 43% were sold under asking, 25% were sold at asking, and 32% were sold over asking.

Days on Market for Rich Township, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
36 Days42 Days+13.9%

Summary: Homes in Rich Township had an average of 42 days on market in Oct 2024, up by 13.9% compared to last year.

Breakdown of Home Sale Times

49 Homes Were Sold
Under 30 Days

22 Homes Were Sold
In 30 - 90 Days

10 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 81 homes were sold in Rich Township; 60% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 12% 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 Rich Township, IL

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