Is 60416, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 60416 is a seller's market

Buyer's
Market

Difference Since April 2023

Since last year, 60416 has remained a Seller's Market.

Key Takeaway

60416 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 60416, IL

How much do homes in 60416, IL cost?

Median Sold Price

$250,000

$158/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$40,000(+19.0%)

Key Takeaway

Homes in 60416 have sold for 19% more than they did a year ago.

Summary: The median home sold price in 60416 was $250,000 in April 2024, up 19% from last year, and the median price per square foot was $158.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 -$82.4K
N/A
2 $164K$204K
+24.4%
3 $210K$248.7K
+18.4%
4 $317.5K$372K
+17.2%
5+ $652.5K$405K
-37.9%

Summary: 60416 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 24.4%, 3 bedroom homes increased by 18.4%, 4 bedroom homes increased by 17.2%, and 5+ bedroom homes decreased by 37.9%.

Median Sold Price Compared To Nearby Zip Codes

60416
+19.0%
60408
+18.2%
60407
+13.1%
60481
+3.9%
60450
-0.2%

Housing Supply in 60416, IL

How many homes are available in 60416, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
2327+17.4%

Summary: The 60416 real estate market had 27 homes for sale in April 2024, a 17.4% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 00
0.0%
2 45
+25.0%
3 1413
-7.1%
4 48
+100.0%
5+ 11
0.0%

Summary: The 60416 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 25%, 3 bedroom homes decreased by 7.1%, 4 bedroom homes increased by 100%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
98-11.1%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 60416, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 8 homes were sold or pending in 60416 in April 2024, down by 11.1% month-over-month. Of the 8 sold homes, 50% were sold under asking, 13% were sold at asking, and 38% were sold over asking.

Days on Market for 60416, IL

How long does it take to sell a home in 60416, IL?

Average Sale Time

Apr 2023Apr 2024CHANGE
21 Days41 Days+94.7%

Summary: Homes in 60416 had an average of 41 days on market in Apr 2024, up by 94.7% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 60416 are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 8 homes were sold in 60416; 75% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 25% 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 60416, IL

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