Is Litchfield, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Litchfield has remained a Seller's Market.
Key Takeaway
Litchfield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Litchfield, IL
How much do homes in Litchfield, IL cost?
Median Sold Price
$104,900
$82/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
The sold price of homes in Litchfield has remained the same since last year.
Summary: The median home sold price in Litchfield was $104,900 in May 2024, down 0.1% from last year, and the median price per square foot was $82.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $47K | $175K | +272.3% |
| 2 Bedrooms | $83.7K | $84K | 0.3% |
| 3 Bedrooms | $124K | $124K | 0.0% |
| 4 Bedrooms | $183K | $245K | +33.9% |
| 5+ Bedrooms | $257K | $223.4K | -13.1% |
Summary: Litchfield housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 272.3%, 2 bedroom homes increased by 0.3%, 3 bedroom homes did not change, 4 bedroom homes increased by 33.9%, and 5+ bedroom homes decreased by 13.1%.
Median Sold Price Compared To Nearby Cities
| Litchfield | $105K | $104.9K | -0.1% |
| North Litchfield Township | $140K | $106K | -24.3% |
Housing Supply in Litchfield, IL
How many homes are available in Litchfield, IL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 32 | 31 | -3.1% |
Summary: The Litchfield real estate market had 31 homes for sale in May 2024, a 3.1% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 10 | 11 | +10.0% |
| 3 Bedrooms | 13 | 10 | -23.1% |
| 4 Bedrooms | 8 | 8 | 0.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Litchfield housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 10%, 3 bedroom homes decreased by 23.1%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 7 | 10 | +42.9% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Litchfield, you may be able to get a good deal. 70% of homes here sold below asking price last month.
Summary: A total of 10 homes were sold or pending in Litchfield in May 2024, up by 42.9% month-over-month. Of the 10 sold homes, 70% were sold under asking, 20% were sold at asking, and 10% were sold over asking.
Days on Market for Litchfield, IL
How long does it take to sell a home in Litchfield, IL?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 58 Days | 59 Days | +2.6% |
Summary: Homes in Litchfield had an average of 59 days on market in May 2024, up by 2.6% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Litchfield are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 10 homes were sold in Litchfield; 50% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
Listings courtesy of Mid America Regional Information System as distributed by MLS GRID.