Is 62704, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 62704 is a seller's market

Buyer's
Market

Difference Since April 2023

Since last year, 62704 has remained a Seller's Market.

Key Takeaway

62704 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 62704, IL

How much do homes in 62704, IL cost?

Median Sold Price

$161,550

$99/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$6,825(+4.4%)

Key Takeaway

Homes in 62704 have sold for 4.4% more than they did a year ago.

Summary: The median home sold price in 62704 was $161,550 in April 2024, up 4.4% from last year, and the median price per square foot was $99.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $49.9K$71.5K
+43.3%
2 $111K$111.5K
0.5%
3 $170K$175K
+2.9%
4 $214.5K$217K
+1.2%
5+ $275K$407.4K
+48.2%

Summary: 62704 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 43.3%, 2 bedroom homes increased by 0.5%, 3 bedroom homes increased by 2.9%, 4 bedroom homes increased by 1.2%, and 5+ bedroom homes increased by 48.2%.

Housing Supply in 62704, IL

How many homes are available in 62704, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
138150+8.7%

Summary: The 62704 real estate market had 150 homes for sale in April 2024, a 8.7% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 32
-33.3%
2 3137
+19.4%
3 6575
+15.4%
4 2928
-3.4%
5+ 108
-20.0%

Summary: The 62704 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 19.4%, 3 bedroom homes increased by 15.4%, 4 bedroom homes decreased by 3.4%, and 5+ bedroom homes decreased by 20%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
5546-16.4%

Asking Price vs. Sold Price

13 Homes Were Sold
Under Asking

11 Homes Were Sold
At Asking

22 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 62704, you could pay more than the asking price. 47.8% of homes here sold above asking price last month.

Summary: A total of 46 homes were sold or pending in 62704 in April 2024, down by 16.4% month-over-month. Of the 46 sold homes, 28% were sold under asking, 24% were sold at asking, and 48% were sold over asking.

Days on Market for 62704, IL

How long does it take to sell a home in 62704, IL?

Average Sale Time

Apr 2023Apr 2024CHANGE
16 Days10 Days-35.4%

Summary: Homes in 62704 had an average of 10 days on market in Apr 2024, down by 35.4% compared to last year.

Breakdown of Home Sale Times

42 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 62704 are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 46 homes were sold in 62704; 91% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 2% 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

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