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 April 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 April 2023

+$7,902(+7.0%)

Key Takeaway

Homes in 62040 have sold for 7% more than they did a year ago.

Summary: The median home sold price in 62040 was $120,000 in April 2024, up 7% from last year, and the median price per square foot was $91.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $30K$25K
-16.7%
2 $84K$85.3K
+1.6%
3 $126.1K$135.5K
+7.4%
4 $155K$161.2K
+4.0%
5+ $200K$230K
+15.0%

Summary: 62040 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 16.7%, 2 bedroom homes increased by 1.6%, 3 bedroom homes increased by 7.4%, 4 bedroom homes increased by 4%, and 5+ bedroom homes increased by 15%.

Median Sold Price Compared To Nearby Zip Codes

62060
+47.1%
62040
+7.0%
63147
+3.7%
63137
-12.2%

Housing Supply in 62040, IL

How many homes are available in 62040, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
133149+12.0%

Summary: The 62040 real estate market had 149 homes for sale in April 2024, a 12.0% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 44
0.0%
2 4050
+25.0%
3 6775
+11.9%
4 1918
-5.3%
5+ 32
-33.3%

Summary: The 62040 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 increased by 25%, 3 bedroom homes increased by 11.9%, 4 bedroom homes decreased by 5.3%, and 5+ bedroom homes decreased by 33.3%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
4353+23.3%

Asking Price vs. Sold Price

19 Homes Were Sold
Under Asking

17 Homes Were Sold
At Asking

17 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. 35.8% of homes here sold below asking price last month.

Summary: A total of 53 homes were sold or pending in 62040 in April 2024, up by 23.3% month-over-month. Of the 53 sold homes, 36% were sold under asking, 32% 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

Apr 2023Apr 2024CHANGE
42 Days49 Days+15.4%

Summary: Homes in 62040 had an average of 49 days on market in Apr 2024, up by 15.4% compared to last year.

Breakdown of Home Sale Times

23 Homes Were Sold
Under 30 Days

21 Homes Were Sold
In 30 - 90 Days

8 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 April 2024, 53 homes were sold in 62040; 43% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 15% 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 9 Days Ago

Newest Listings in 62040, IL

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