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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Rich Township is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Rich Township, IL

How much do homes in Rich Township, IL cost?

Median Sold Price

$198,000

$128/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

-$9,908(-4.8%)

Key Takeaway

Homes in Rich Township have sold for 4.8% less than they did a year ago.

Summary: The median home sold price in Rich Township was $198,000 in May 2024, down 4.8% from last year, and the median price per square foot was $128.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $64.5K$49K
-24.0%
2 $149.9K$147K
-2.0%
3 $193.7K$185K
-4.5%
4 $266.6K$265.3K
-0.5%
5+ $385K$372.5K
-3.2%

Summary: Rich Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 24%, 2 bedroom homes decreased by 2%, 3 bedroom homes decreased by 4.5%, 4 bedroom homes decreased by 0.5%, and 5+ bedroom homes decreased by 3.2%.

Median Sold Price Compared To Nearby Cities

Olympia Fields
+4.7%
Flossmoor
+4.0%
Country Club Hills
+0.8%
Matteson
-2.1%
Rich Township
-4.8%

Housing Supply in Rich Township, IL

How many homes are available in Rich Township, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
396428+8.1%

Summary: The Rich Township real estate market had 428 homes for sale in May 2024, a 8.1% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 22
0.0%
2 7886
+10.3%
3 195204
+4.6%
4 105116
+10.5%
5+ 1620
+25.0%

Summary: The Rich 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 10.3%, 3 bedroom homes increased by 4.6%, 4 bedroom homes increased by 10.5%, and 5+ bedroom homes increased by 25%.

Number of Homes Sold

Apr 2024May 2024CHANGE
10094-6.0%

Asking Price vs. Sold Price

41 Homes Were Sold
Under Asking

16 Homes Were Sold
At Asking

37 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Rich Township, you may be able to get a good deal. 43.6% of homes here sold below asking price last month.

Summary: A total of 94 homes were sold or pending in Rich Township in May 2024, down by 6.0% month-over-month. Of the 94 sold homes, 44% were sold under asking, 17% were sold at asking, and 39% were sold over asking.

Days on Market for Rich Township, IL

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

Average Sale Time

May 2023May 2024CHANGE
34 Days31 Days-10.2%

Summary: Homes in Rich Township had an average of 31 days on market in May 2024, down by 10.2% compared to last year.

Breakdown of Home Sale Times

55 Homes Were Sold
Under 30 Days

30 Homes Were Sold
In 30 - 90 Days

9 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 94 homes were sold in Rich Township; 59% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 10% 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 Rich Township, IL

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