Is 60048, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 60048 is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, 60048 has remained a Seller's Market.

Key Takeaway

60048 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 60048, IL

How much do homes in 60048, IL cost?

Median Sold Price

$552,625

$226/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$27,625(+5.3%)

Key Takeaway

Homes in 60048 have sold for 5.3% more than they did a year ago.

Summary: The median home sold price in 60048 was $552,625 in May 2024, up 5.3% from last year, and the median price per square foot was $226.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $118K$141K
+19.5%
2 $285.5K$232.5K
-18.6%
3 $392.4K$375K
-4.4%
4 $597.5K$629.9K
+5.4%
5+ $790K$760K
-3.8%

Summary: 60048 housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19.5%, 2 bedroom homes decreased by 18.6%, 3 bedroom homes decreased by 4.4%, 4 bedroom homes increased by 5.4%, and 5+ bedroom homes decreased by 3.8%.

Median Sold Price Compared To Nearby Zip Codes

60044
+29.9%
60060
+7.7%
60061
+7.0%
60048
+5.3%
60045
-3.8%

Housing Supply in 60048, IL

How many homes are available in 60048, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
121128+5.8%

Summary: The 60048 real estate market had 128 homes for sale in May 2024, a 5.8% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 1315
+15.4%
3 3333
0.0%
4 5555
0.0%
5+ 2025
+25.0%

Summary: The 60048 housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 15.4%, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 25%.

Number of Homes Sold

Apr 2024May 2024CHANGE
3537+5.7%

Asking Price vs. Sold Price

13 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

17 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 60048, you could pay more than the asking price. 45.9% of homes here sold above asking price last month.

Summary: A total of 37 homes were sold or pending in 60048 in May 2024, up by 5.7% month-over-month. Of the 37 sold homes, 35% were sold under asking, 19% were sold at asking, and 46% were sold over asking.

Days on Market for 60048, IL

How long does it take to sell a home in 60048, IL?

Average Sale Time

May 2023May 2024CHANGE
22 Days19 Days-15.8%

Summary: Homes in 60048 had an average of 19 days on market in May 2024, down by 15.8% compared to last year.

Breakdown of Home Sale Times

32 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 60048 are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 37 homes were sold in 60048; 86% of homes were sold within 30 days, 5% 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 1 Day Ago

Newest Listings in 60048, IL

Nearby Markets to 60048, IL