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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Sterling is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Sterling, IL

How much do homes in Sterling, IL cost?

Median Sold Price

$126,500

$98/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$18,500(+17.1%)

Key Takeaway

Homes in Sterling have sold for 17.1% more than they did a year ago.

Summary: The median home sold price in Sterling was $126,500 in October 2024, up 17.1% from last year, and the median price per square foot was $98.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $62.9K$89.9K
+42.9%
2 $77.5K$90K
+16.1%
3 $118.5K$127K
+7.1%
4 $127.4K$192K
+50.6%
5+ $96.9K$420K
+333.4%

Summary: Sterling housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 42.9%, 2 bedroom homes increased by 16.1%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 50.6%, and 5+ bedroom homes increased by 333.4%.

Median Sold Price Compared To Nearby Cities

Sterling
+17.1%
Coloma Township
+14.5%
Rock Falls
+12.9%
Sterling Township
+11.0%

Housing Supply in Sterling, IL

How many homes are available in Sterling, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
7675-1.3%

Summary: The Sterling real estate market had 75 homes for sale in October 2024, a 1.3% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 32
-33.3%
2 2726
-3.7%
3 2627
+3.8%
4 1516
+6.7%
5+ 54
-20.0%

Summary: The Sterling housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes decreased by 3.7%, 3 bedroom homes increased by 3.8%, 4 bedroom homes increased by 6.7%, and 5+ bedroom homes decreased by 20%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2513-48.0%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Sterling, you may be able to get a good deal. 61.5% of homes here sold below asking price last month.

Summary: A total of 13 homes were sold or pending in Sterling in October 2024, down by 48.0% month-over-month. Of the 13 sold homes, 62% were sold under asking, 15% were sold at asking, and 23% were sold over asking.

Days on Market for Sterling, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
68 Days33 Days-52.0%

Summary: Homes in Sterling had an average of 33 days on market in Oct 2024, down by 52% compared to last year.

Breakdown of Home Sale Times

8 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 13 homes were sold in Sterling; 62% of homes were sold within 30 days, 31% 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 Sterling, IL

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