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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Kankakee Township is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Kankakee Township, IL

How much do homes in Kankakee Township, IL cost?

Median Sold Price

$157,500

$108/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$32,000(+25.5%)

Key Takeaway

Homes in Kankakee Township have sold for 25.5% more than they did a year ago.

Summary: The median home sold price in Kankakee Township was $157,500 in May 2024, up 25.5% from last year, and the median price per square foot was $108.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $116K$46K
-60.3%
2 $107.5K$103K
-4.2%
3 $132.5K$170K
+28.3%
4 $138.7K$187K
+34.8%
5+ $109.5K$205K
+87.2%

Summary: Kankakee Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 60.3%, 2 bedroom homes decreased by 4.2%, 3 bedroom homes increased by 28.3%, 4 bedroom homes increased by 34.8%, and 5+ bedroom homes increased by 87.2%.

Median Sold Price Compared To Nearby Cities

Kankakee
+26.5%
Kankakee Township
+25.5%
Bradley
+8.6%
Aroma Township
+3.9%

Housing Supply in Kankakee Township, IL

How many homes are available in Kankakee Township, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
127139+9.4%

Summary: The Kankakee Township real estate market had 139 homes for sale in May 2024, a 9.4% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 11
0.0%
2 3543
+22.9%
3 5654
-3.6%
4 2530
+20.0%
5+ 1011
+10.0%

Summary: The Kankakee Township 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 22.9%, 3 bedroom homes decreased by 3.6%, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 10%.

Number of Homes Sold

Apr 2024May 2024CHANGE
2936+24.1%

Asking Price vs. Sold Price

19 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

11 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Kankakee Township, you may be able to get a good deal. 52.8% of homes here sold below asking price last month.

Summary: A total of 36 homes were sold or pending in Kankakee Township in May 2024, up by 24.1% month-over-month. Of the 36 sold homes, 53% were sold under asking, 17% were sold at asking, and 31% were sold over asking.

Days on Market for Kankakee Township, IL

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

Average Sale Time

May 2023May 2024CHANGE
59 Days44 Days-25.9%

Summary: Homes in Kankakee Township had an average of 44 days on market in May 2024, down by 25.9% compared to last year.

Breakdown of Home Sale Times

24 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 36 homes were sold in Kankakee Township; 67% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 14% 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 Kankakee Township, IL

Nearby Markets to Kankakee Township, IL

What housing markets are near Kankakee Township, IL?