Is 61614, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 61614 is a seller's market

Buyer's
Market

Difference Since April 2023

Since last year, 61614 has remained a Seller's Market.

Key Takeaway

61614 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 61614, IL

How much do homes in 61614, IL cost?

Median Sold Price

$170,000

$95/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$10,041(+6.3%)

Key Takeaway

Homes in 61614 have sold for 6.3% more than they did a year ago.

Summary: The median home sold price in 61614 was $170,000 in April 2024, up 6.3% from last year, and the median price per square foot was $95.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $54.9K$62.4K
+13.7%
2 $95K$111K
+16.8%
3 $156.8K$170.1K
+8.5%
4 $220K$215K
-2.3%
5+ $269.9K$280K
+3.7%

Summary: 61614 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.7%, 2 bedroom homes increased by 16.8%, 3 bedroom homes increased by 8.5%, 4 bedroom homes decreased by 2.3%, and 5+ bedroom homes increased by 3.7%.

Median Sold Price Compared To Nearby Zip Codes

61616
+9.6%
61614
+6.3%
61604
+3.4%
61615
-2.5%
61603
-5.3%

Housing Supply in 61614, IL

How many homes are available in 61614, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
105114+8.6%

Summary: The 61614 real estate market had 114 homes for sale in April 2024, a 8.6% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 54
-20.0%
2 2323
0.0%
3 4354
+25.6%
4 3027
-10.0%
5+ 46
+50.0%

Summary: The 61614 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes remained the same, 3 bedroom homes increased by 25.6%, 4 bedroom homes decreased by 10%, and 5+ bedroom homes increased by 50%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
3632-11.1%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

13 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 61614, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 32 homes were sold or pending in 61614 in April 2024, down by 11.1% month-over-month. Of the 32 sold homes, 50% were sold under asking, 9% were sold at asking, and 41% were sold over asking.

Days on Market for 61614, IL

How long does it take to sell a home in 61614, IL?

Average Sale Time

Apr 2023Apr 2024CHANGE
19 Days17 Days-10.6%

Summary: Homes in 61614 had an average of 17 days on market in Apr 2024, down by 10.6% compared to last year.

Breakdown of Home Sale Times

26 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 61614 are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 32 homes were sold in 61614; 81% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 6% 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 61614, IL

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