Is 61550, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 61550 is a seller's market

Buyer's
Market

Difference Since April 2023

Since last year, 61550 has remained a Seller's Market.

Key Takeaway

61550 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 61550, IL

How much do homes in 61550, IL cost?

Median Sold Price

$246,000

$117/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$18,500(+8.1%)

Key Takeaway

Homes in 61550 have sold for 8.1% more than they did a year ago.

Summary: The median home sold price in 61550 was $246,000 in April 2024, up 8.1% from last year, and the median price per square foot was $117.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $83K-
N/A
2 $155K$168.4K
+8.7%
3 $185K$220.7K
+19.3%
4 $295K$280K
-5.1%
5+ $432.5K$425K
-1.7%

Summary: 61550 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 8.7%, 3 bedroom homes increased by 19.3%, 4 bedroom homes decreased by 5.1%, and 5+ bedroom homes decreased by 1.7%.

Median Sold Price Compared To Nearby Zip Codes

61550
+8.1%
61571
+7.5%
61755
+7.5%
61733
-13.5%

Housing Supply in 61550, IL

How many homes are available in 61550, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
52520.0%

Summary: The 61550 real estate market had 52 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 74
-42.9%
3 2321
-8.7%
4 1417
+21.4%
5+ 810
+25.0%

Summary: The 61550 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 42.9%, 3 bedroom homes decreased by 8.7%, 4 bedroom homes increased by 21.4%, and 5+ bedroom homes increased by 25%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
1621+31.3%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 61550, you could pay more than the asking price. 42.9% of homes here sold above asking price last month.

Summary: A total of 21 homes were sold or pending in 61550 in April 2024, up by 31.3% month-over-month. Of the 21 sold homes, 33% were sold under asking, 24% were sold at asking, and 43% were sold over asking.

Days on Market for 61550, IL

How long does it take to sell a home in 61550, IL?

Average Sale Time

Apr 2023Apr 2024CHANGE
31 Days5 Days-81.7%

Summary: Homes in 61550 had an average of 5 days on market in Apr 2024, down by 81.7% compared to last year.

Breakdown of Home Sale Times

20 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 61550 are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 21 homes were sold in 61550; 95% of homes were sold within 30 days, 5% 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 6 Days Ago

Newest Listings in 61550, IL

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