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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Savanna is a neutral's market

Buyer's
Market

Difference Since Last Month

Last month, Savanna was a Seller's Market.

Key Takeaway

Savanna is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Savanna, IL

How much do homes in Savanna, IL cost?

Median Sold Price

$97,000

$60/sqft

Based on all homes sold in May 2024.

Difference Since Last Month

-$126,000(-56.5%)

Key Takeaway

Homes in Savanna have sold for 56.5% less than they did a month ago.

Summary: The median home sold price in Savanna was $97,000 in May 2024, down 56.5% from last month, and the median price per square foot was $60.

Median Sold Price By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 --
N/A
2 --
N/A
3 $223K$97K
-56.5%
4 $164K-
N/A
5+ --
N/A

Summary: Savanna housing prices by bedroom type for May 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes decreased by 56.5%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Washington Township
-2.0%
Savanna
-56.5%
Savanna Township
-56.5%

Housing Supply in Savanna, IL

How many homes are available in Savanna, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
76-14.3%

Summary: The Savanna real estate market had 6 homes for sale in May 2024, a 14.3% decrease compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 00
0.0%
3 45
+25.0%
4 31
-66.7%
5+ 00
0.0%

Summary: The Savanna 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 remained the same, 3 bedroom homes increased by 25%, 4 bedroom homes decreased by 66.7%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
31-66.7%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

0 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Savanna, you may be able to get a good deal. 100% of homes here sold below asking price last month.

Summary: A total of 1 homes were sold or pending in Savanna in May 2024, down by 66.7% month-over-month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.

Days on Market for Savanna, IL

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

Average Sale Time

Apr 2024May 2024CHANGE
53 Days112 Days+108.7%

Summary: Homes in Savanna had an average of 112 days on market in May 2024, up by 108.7% compared to last month.

Breakdown of Home Sale Times

0 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in Savanna are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During May 2024, 1 homes were sold in Savanna; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 100% 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 Savanna, IL

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