Is 60647, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 60647 is a seller's market

Buyer's
Market

Difference Since March 2023

Since last year, 60647 has remained a Seller's Market.

Key Takeaway

60647 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 60647, IL

How much do homes in 60647, IL cost?

Median Sold Price

$562,099

$321/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$11,699(+2.1%)

Key Takeaway

Homes in 60647 have sold for 2.1% more than they did a year ago.

Summary: The median home sold price in 60647 was $562,099 in March 2024, up 2.1% from last year, and the median price per square foot was $321.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $287.5K$295K
+2.6%
2 $404.3K$425K
+5.1%
3 $640K$666.2K
+4.1%
4 $795.9K$810K
+1.8%
5+ $734.7K$688.5K
-6.3%

Summary: 60647 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.6%, 2 bedroom homes increased by 5.1%, 3 bedroom homes increased by 4.1%, 4 bedroom homes increased by 1.8%, and 5+ bedroom homes decreased by 6.3%.

Median Sold Price Compared To Nearby Zip Codes

60614
+15.2%
60651
+10.9%
60622
+5.1%
60647
+2.1%
60618
-1.8%

Housing Supply in 60647, IL

How many homes are available in 60647, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
259307+18.5%

Summary: The 60647 real estate market had 307 homes for sale in March 2024, a 18.5% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 811
+37.5%
2 6777
+14.9%
3 8497
+15.5%
4 4351
+18.6%
5+ 5771
+24.6%

Summary: The 60647 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 37.5%, 2 bedroom homes increased by 14.9%, 3 bedroom homes increased by 15.5%, 4 bedroom homes increased by 18.6%, and 5+ bedroom homes increased by 24.6%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
6483+29.7%

Asking Price vs. Sold Price

29 Homes Were Sold
Under Asking

22 Homes Were Sold
At Asking

32 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 60647, you could pay more than the asking price. 38.6% of homes here sold above asking price last month.

Summary: A total of 83 homes were sold or pending in 60647 in March 2024, up by 29.7% month-over-month. Of the 83 sold homes, 35% were sold under asking, 27% were sold at asking, and 39% were sold over asking.

Days on Market for 60647, IL

How long does it take to sell a home in 60647, IL?

Average Sale Time

Mar 2023Mar 2024CHANGE
34 Days21 Days-38.0%

Summary: Homes in 60647 had an average of 21 days on market in Mar 2024, down by 38% compared to last year.

Breakdown of Home Sale Times

70 Homes Were Sold
Under 30 Days

12 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 60647 are selling fast, if you're buying plan to act quickly.

Summary: During March 2024, 83 homes were sold in 60647; 84% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 1% 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 25 Days Ago

Newest Listings in 60647, IL

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