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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Rantoul is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Rantoul, IL

How much do homes in Rantoul, IL cost?

Median Sold Price

$130,000

$95/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$30,000(+30.0%)

Key Takeaway

Homes in Rantoul have sold for 30% more than they did a year ago.

Summary: The median home sold price in Rantoul was $130,000 in May 2024, up 30% from last year, and the median price per square foot was $95.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $65K-
N/A
2 $82.9K$101K
+21.8%
3 $109K$135K
+23.9%
4 $146.5K$134.5K
-8.2%
5+ $158.9K$174.5K
+9.8%

Summary: Rantoul housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 21.8%, 3 bedroom homes increased by 23.9%, 4 bedroom homes decreased by 8.2%, and 5+ bedroom homes increased by 9.8%.

Median Sold Price Compared To Nearby Cities

Rantoul
+30.0%
Rantoul Township
+30.0%
Ludlow Township
+6.2%

Housing Supply in Rantoul, IL

How many homes are available in Rantoul, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
3332-3.0%

Summary: The Rantoul real estate market had 32 homes for sale in May 2024, a 3.0% decrease compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 73
-57.1%
3 2124
+14.3%
4 33
0.0%
5+ 22
0.0%

Summary: The Rantoul 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 decreased by 57.1%, 3 bedroom homes increased by 14.3%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
1114+27.3%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Rantoul, you could pay more than the asking price. 64.3% of homes here sold above asking price last month.

Summary: A total of 14 homes were sold or pending in Rantoul in May 2024, up by 27.3% month-over-month. Of the 14 sold homes, 21% were sold under asking, 14% were sold at asking, and 64% were sold over asking.

Days on Market for Rantoul, IL

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

Average Sale Time

May 2023May 2024CHANGE
12 Days5 Days-55.7%

Summary: Homes in Rantoul had an average of 5 days on market in May 2024, down by 55.7% compared to last year.

Breakdown of Home Sale Times

14 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 14 homes were sold in Rantoul; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% 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

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