Is Burbank, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Burbank has remained a Seller's Market.
Housing Prices in Burbank, IL
How much do homes in Burbank, IL cost?
Median Sold Price
$288,583
$209/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Burbank was $288,583 in March 2024, up 8.9% from last year, and the median price per square foot was $209.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $109.9K | - | N/A |
2 Bedrooms | $161.5K | $189.9K | +17.6% |
3 Bedrooms | $260K | $280K | +7.7% |
4 Bedrooms | $286K | $324K | +13.3% |
5+ Bedrooms | $419K | $435K | +3.8% |
Summary: Burbank housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 17.6%, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 13.3%, and 5+ bedroom homes increased by 3.8%.
Median Sold Price Compared To Nearby Cities
Burbank | $265K | $288.5K | +8.9% |
Stickney Township | $260.9K | $280K | +7.3% |
Bridgeview | $254.5K | $270K | +6.1% |
Oak Lawn | $240.3K | $251.5K | +4.6% |
Housing Supply in Burbank, IL
How many homes are available in Burbank, IL?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
66 | 86 | +30.3% |
Summary: The Burbank real estate market had 86 homes for sale in March 2024, a 30.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 6 | 7 | +16.7% |
3 Bedrooms | 44 | 54 | +22.7% |
4 Bedrooms | 13 | 19 | +46.2% |
5+ Bedrooms | 3 | 6 | +100.0% |
Summary: The Burbank housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 22.7%, 4 bedroom homes increased by 46.2%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
18 | 23 | +27.8% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Summary: A total of 23 homes were sold or pending in Burbank in March 2024, up by 27.8% month-over-month. Of the 23 sold homes, 43% were sold under asking, 22% were sold at asking, and 35% 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
49 Days | 26 Days | -46.6% |
Summary: Homes in Burbank had an average of 26 days on market in Mar 2024, down by 46.6% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During March 2024, 23 homes were sold in Burbank; 78% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.