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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Burbank is a seller's market

Buyer's
Market

Difference Since June 2023

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

Key Takeaway

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

Housing Prices in Burbank, IL

How much do homes in Burbank, IL cost?

Median Sold Price

$291,000

$207/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2023

+$16,000(+5.8%)

Key Takeaway

Homes in Burbank have sold for 5.8% more than they did a year ago.

Summary: The median home sold price in Burbank was $291,000 in June 2024, up 5.8% from last year, and the median price per square foot was $207.

Median Sold Price By Bedroom Count

# BEDSJun 2023Jun 2024CHANGE
1 $109.9K-
N/A
2 $184.5K$205K
+11.1%
3 $265K$285K
+7.5%
4 $298K$328K
+10.1%
5+ $455K$420K
-7.7%

Summary: Burbank housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 11.1%, 3 bedroom homes increased by 7.5%, 4 bedroom homes increased by 10.1%, and 5+ bedroom homes decreased by 7.7%.

Median Sold Price Compared To Nearby Cities

Bridgeview
+8.3%
Stickney Township
+6.9%
Burbank
+5.8%
Oak Lawn
+5.1%

Housing Supply in Burbank, IL

How many homes are available in Burbank, IL?

Number of Homes For Sale

May 2024Jun 2024CHANGE
7193+31.0%

Summary: The Burbank real estate market had 93 homes for sale in June 2024, a 31.0% increase compared to May 2024.

Homes For Sale By Bedroom Count

# BEDSMay 2024Jun 2024CHANGE
1 00
0.0%
2 47
+75.0%
3 4352
+20.9%
4 1724
+41.2%
5+ 710
+42.9%

Summary: The Burbank housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 75%, 3 bedroom homes increased by 20.9%, 4 bedroom homes increased by 41.2%, and 5+ bedroom homes increased by 42.9%.

Number of Homes Sold

May 2024Jun 2024CHANGE
1825+38.9%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

12 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Burbank, you could pay more than the asking price. 48% of homes here sold above asking price last month.

Summary: A total of 25 homes were sold or pending in Burbank in June 2024, up by 38.9% month-over-month. Of the 25 sold homes, 32% were sold under asking, 20% were sold at asking, and 48% were sold over asking.

Days on Market for Burbank, IL

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

Average Sale Time

Jun 2023Jun 2024CHANGE
20 Days18 Days-10.3%

Summary: Homes in Burbank had an average of 18 days on market in Jun 2024, down by 10.3% compared to last year.

Breakdown of Home Sale Times

19 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During June 2024, 25 homes were sold in Burbank; 76% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 0% 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 26 Days Ago

Newest Listings in Burbank, IL

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