Is 61401, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 61401 is a seller's market

Buyer's
Market

Difference Since April 2023

Since last year, 61401 has remained a Seller's Market.

Key Takeaway

61401 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 61401, IL

How much do homes in 61401, IL cost?

Median Sold Price

$99,600

$74/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$4,600(+4.8%)

Key Takeaway

Homes in 61401 have sold for 4.8% more than they did a year ago.

Summary: The median home sold price in 61401 was $99,600 in April 2024, up 4.8% from last year, and the median price per square foot was $74.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $41K$41.2K
+0.6%
2 $74.9K$74.9K
0.1%
3 $105K$108K
+2.9%
4 $138.5K$145.9K
+5.4%
5+ $117.5K$162K
+37.9%

Summary: 61401 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.6%, 2 bedroom homes increased by 0.1%, 3 bedroom homes increased by 2.9%, 4 bedroom homes increased by 5.4%, and 5+ bedroom homes increased by 37.9%.

Median Sold Price Compared To Nearby Zip Codes

61448
+23.5%
61401
+4.8%

Housing Supply in 61401, IL

How many homes are available in 61401, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
8498+16.7%

Summary: The 61401 real estate market had 98 homes for sale in April 2024, a 16.7% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 43
-25.0%
2 2424
0.0%
3 4249
+16.7%
4 1318
+38.5%
5+ 14
+300.0%

Summary: The 61401 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes remained the same, 3 bedroom homes increased by 16.7%, 4 bedroom homes increased by 38.5%, and 5+ bedroom homes increased by 300%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
2822-21.4%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 61401, you may be able to get a good deal. 36.4% of homes here sold below asking price last month.

Summary: A total of 22 homes were sold or pending in 61401 in April 2024, down by 21.4% month-over-month. Of the 22 sold homes, 36% were sold under asking, 32% were sold at asking, and 32% were sold over asking.

Days on Market for 61401, IL

How long does it take to sell a home in 61401, IL?

Average Sale Time

Apr 2023Apr 2024CHANGE
52 Days23 Days-56.3%

Summary: Homes in 61401 had an average of 23 days on market in Apr 2024, down by 56.3% compared to last year.

Breakdown of Home Sale Times

16 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 61401 are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 22 homes were sold in 61401; 73% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 9% 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 2 Days Ago

Newest Listings in 61401, IL

Nearby Markets to 61401, IL