Is 62040, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 62040 is a seller's market

Buyer's
Market

Difference Since March 2023

Since last year, 62040 has remained a Seller's Market.

Key Takeaway

62040 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 62040, IL

How much do homes in 62040, IL cost?

Median Sold Price

$120,000

$91/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$9,998(+9.1%)

Key Takeaway

Homes in 62040 have sold for 9.1% more than they did a year ago.

Summary: The median home sold price in 62040 was $120,000 in March 2024, up 9.1% from last year, and the median price per square foot was $91.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $32.2K$25K
-22.5%
2 $80.9K$86K
+6.2%
3 $127.6K$135K
+5.8%
4 $160K$165K
+3.1%
5+ $200K$230K
+15.0%

Summary: 62040 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 22.5%, 2 bedroom homes increased by 6.2%, 3 bedroom homes increased by 5.8%, 4 bedroom homes increased by 3.1%, and 5+ bedroom homes increased by 15%.

Median Sold Price Compared To Nearby Zip Codes

62060
+36.0%
62040
+9.1%
63147
-7.5%
63137
-8.5%

Housing Supply in 62040, IL

How many homes are available in 62040, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
122136+11.5%

Summary: The 62040 real estate market had 136 homes for sale in March 2024, a 11.5% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 34
+33.3%
2 4541
-8.9%
3 5571
+29.1%
4 1617
+6.3%
5+ 33
0.0%

Summary: The 62040 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes decreased by 8.9%, 3 bedroom homes increased by 29.1%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
3841+7.9%

Asking Price vs. Sold Price

18 Homes Were Sold
Under Asking

10 Homes Were Sold
At Asking

13 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 62040, you may be able to get a good deal. 43.9% of homes here sold below asking price last month.

Summary: A total of 41 homes were sold or pending in 62040 in March 2024, up by 7.9% month-over-month. Of the 41 sold homes, 44% were sold under asking, 24% were sold at asking, and 32% were sold over asking.

Days on Market for 62040, IL

How long does it take to sell a home in 62040, IL?

Average Sale Time

Mar 2023Mar 2024CHANGE
54 Days60 Days+9.4%

Summary: Homes in 62040 had an average of 60 days on market in Mar 2024, up by 9.4% compared to last year.

Breakdown of Home Sale Times

15 Homes Were Sold
Under 30 Days

14 Homes Were Sold
In 30 - 90 Days

12 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 62040 are selling fast, if you're buying plan to act quickly.

Summary: During March 2024, 41 homes were sold in 62040; 37% of homes were sold within 30 days, 34% of homes were sold within 30 to 90 days, and 29% 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 24 Days Ago

Newest Listings in 62040, IL

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