Is 61201, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 61201 is a seller's market

Buyer's
Market

Difference Since March 2023

Since last year, 61201 has remained a Seller's Market.

Key Takeaway

61201 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 61201, IL

How much do homes in 61201, IL cost?

Median Sold Price

$130,000

$88/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$14,050(+12.1%)

Key Takeaway

Homes in 61201 have sold for 12.1% more than they did a year ago.

Summary: The median home sold price in 61201 was $130,000 in March 2024, up 12.1% from last year, and the median price per square foot was $88.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $50.3K$50K
-0.7%
2 $83K$109.9K
+32.4%
3 $130K$141.5K
+8.8%
4 $157.4K$166K
+5.4%
5+ $220K$173K
-21.4%

Summary: 61201 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.7%, 2 bedroom homes increased by 32.4%, 3 bedroom homes increased by 8.8%, 4 bedroom homes increased by 5.4%, and 5+ bedroom homes decreased by 21.4%.

Median Sold Price Compared To Nearby Zip Codes

61264
+15.0%
61201
+12.1%
61265
+11.1%
52802
-7.8%

Housing Supply in 61201, IL

How many homes are available in 61201, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
106112+5.7%

Summary: The 61201 real estate market had 112 homes for sale in March 2024, a 5.7% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 22
0.0%
2 3035
+16.7%
3 4648
+4.3%
4 2220
-9.1%
5+ 67
+16.7%

Summary: The 61201 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 4.3%, 4 bedroom homes decreased by 9.1%, and 5+ bedroom homes increased by 16.7%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
2429+20.8%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

14 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 61201, you could pay more than the asking price. 48.3% of homes here sold above asking price last month.

Summary: A total of 29 homes were sold or pending in 61201 in March 2024, up by 20.8% month-over-month. Of the 29 sold homes, 34% were sold under asking, 17% were sold at asking, and 48% were sold over asking.

Days on Market for 61201, IL

How long does it take to sell a home in 61201, IL?

Average Sale Time

Mar 2023Mar 2024CHANGE
51 Days23 Days-53.8%

Summary: Homes in 61201 had an average of 23 days on market in Mar 2024, down by 53.8% compared to last year.

Breakdown of Home Sale Times

21 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 61201 are selling fast, if you're buying plan to act quickly.

Summary: During March 2024, 29 homes were sold in 61201; 72% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 7% 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 27 Days Ago

Newest Listings in 61201, IL

Nearby Markets to 61201, IL