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 August 2021

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.

How much do homes in Burbank, IL cost?

Median Sold Price

$255,200

$188/sqft

Based on all homes sold in the last 12 months.

Difference Since August 2021

+$5,200(+2.1%)

Key Takeaway

Homes in Burbank have sold for 2.1% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSAug 2021Aug 2022%
1 $72K-
N/A
2 $165K$168K
+1.8%
3 $249.9K$250K
0.0%
4 $272K$288K
+5.9%
5+ $359K$324.4K
-9.6%

Median Sold Price Compared To Nearby Cities

Bridgeview
+11.8%
Oak Lawn
+11.0%
Hometown
+10.9%
Burbank
+2.1%

How many homes are available in Burbank, IL?

Number of Homes For Sale

Jul 2022Aug 2022%
149162+8.7%

Homes For Sale By Bedroom Count

# BEDSJul 2022Aug 2022%
1 01
+100.0%
2 78
+14.3%
3 8393
+12.0%
4 3536
+2.9%
5+ 2424
0.0%

Number of Homes Sold

Jul 2022Aug 2022%
4136-12.2%

Asking Price vs. Sold Price

15 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

14 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Burbank, you may be able to get a good deal. 41.7% of homes here sold below asking price last month.

Average Sale Time

Aug 2021Aug 2022%
18 Days27 Days+47.1%

Breakdown of Home Sale Times

27 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

1 Home Was 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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Burbank, IL

Homes for sale in Burbank, IL have reached 162. The inventory of homes for sale in Burbank, IL between July 2022 and August 2022 increased by 8.7%. While the average time on the market in August 2022 was 27 days, the median list price was $255,200. From July 2022 through August 2022, the following changes in listing prices were observed in this housing market: 1 bedroom properties became 0% more expensive, the cost of 2 bedrooms properties went up by 1.8%, 3 bedrooms properties prices did not change, 4 bedrooms properties became 5.9% more expensive, 5 bedrooms properties prices decreased by 9.6%. The following changes in the number of homes for sale were observed in this housing market: the quantity of 1 bedroom homes went up by 100%, 2 bedrooms homes inventory increased by 14.3%, the quantity of 3 bedrooms homes went up by 12%, the quantity of 4 bedrooms homes went up by 2.9%, 5 bedrooms homes inventory did not change. Over 14 listings were sold over their listed price in August 2022 in Burbank, IL. In the same period over 15 listings were sold below the listed price and 7 listings were sold for the listed price.

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