Is 61016, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 61016 is a seller's market

Buyer's
Market

Difference Since April 2023

Since last year, 61016 has remained a Seller's Market.

Key Takeaway

61016 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 61016, IL

How much do homes in 61016, IL cost?

Median Sold Price

$282,500

$130/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$16,000(+6.0%)

Key Takeaway

Homes in 61016 have sold for 6% more than they did a year ago.

Summary: The median home sold price in 61016 was $282,500 in April 2024, up 6% from last year, and the median price per square foot was $130.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $95K$108.8K
+14.5%
2 $190K$174.9K
-7.9%
3 $264.5K$298.7K
+12.9%
4 $309K$322.5K
+4.4%
5+ $239.5K$450K
+87.9%

Summary: 61016 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.5%, 2 bedroom homes decreased by 7.9%, 3 bedroom homes increased by 12.9%, 4 bedroom homes increased by 4.4%, and 5+ bedroom homes increased by 87.9%.

Median Sold Price Compared To Nearby Zip Codes

61008
+17.5%
61108
+11.7%
61016
+6.0%
61109
-5.9%

Housing Supply in 61016, IL

How many homes are available in 61016, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
660.0%

Summary: The 61016 real estate market had 6 homes for sale in April 2024, the same as March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 00
0.0%
2 10
-100.0%
3 44
0.0%
4 12
+100.0%
5+ 00
0.0%

Summary: The 61016 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 decreased by 100%, 3 bedroom homes remained the same, 4 bedroom homes increased by 100%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
23+50.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

0 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 61016, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.

Summary: A total of 3 homes were sold or pending in 61016 in April 2024, up by 50.0% month-over-month. Of the 3 sold homes, 33% were sold under asking, 0% were sold at asking, and 67% were sold over asking.

Days on Market for 61016, IL

How long does it take to sell a home in 61016, IL?

Average Sale Time

Apr 2023Apr 2024CHANGE
15 Days21 Days+39.8%

Summary: Homes in 61016 had an average of 21 days on market in Apr 2024, up by 39.8% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 61016 are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 3 homes were sold in 61016; 67% of homes were sold within 30 days, 33% 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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