Is 61603, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 61603 is a seller's market

Buyer's
Market

Difference Since April 2023

Since last year, 61603 has remained a Seller's Market.

Key Takeaway

61603 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 61603, IL

How much do homes in 61603, IL cost?

Median Sold Price

$47,333

$40/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

-$2,666(-5.3%)

Key Takeaway

Homes in 61603 have sold for 5.3% less than they did a year ago.

Summary: The median home sold price in 61603 was $47,333 in April 2024, down 5.3% from last year, and the median price per square foot was $40.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $25.5K$33.5K
+31.4%
2 $48.9K$40K
-18.3%
3 $54K$54.1K
0.3%
4 $59.7K$51K
-14.6%
5+ $47.7K$79K
+65.4%

Summary: 61603 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 31.4%, 2 bedroom homes decreased by 18.3%, 3 bedroom homes increased by 0.3%, 4 bedroom homes decreased by 14.6%, and 5+ bedroom homes increased by 65.4%.

Median Sold Price Compared To Nearby Zip Codes

61603
-5.3%
61606
-19.4%

Housing Supply in 61603, IL

How many homes are available in 61603, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
7369-5.5%

Summary: The 61603 real estate market had 69 homes for sale in April 2024, a 5.5% decrease compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 00
0.0%
2 2623
-11.5%
3 2827
-3.6%
4 1617
+6.3%
5+ 32
-33.3%

Summary: The 61603 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 11.5%, 3 bedroom homes decreased by 3.6%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes decreased by 33.3%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
2418-25.0%

Asking Price vs. Sold Price

14 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 61603, you may be able to get a good deal. 77.8% of homes here sold below asking price last month.

Summary: A total of 18 homes were sold or pending in 61603 in April 2024, down by 25.0% month-over-month. Of the 18 sold homes, 78% were sold under asking, 6% were sold at asking, and 17% were sold over asking.

Days on Market for 61603, IL

How long does it take to sell a home in 61603, IL?

Average Sale Time

Apr 2023Apr 2024CHANGE
11 Days60 Days+416.3%

Summary: Homes in 61603 had an average of 60 days on market in Apr 2024, up by 416.3% compared to last year.

Breakdown of Home Sale Times

9 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 61603 are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 18 homes were sold in 61603; 50% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 22% 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 20 Days Ago

Newest Listings in 61603, IL

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