Is Burbank, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 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
$291,000
$207/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
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
# BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $109.9K | - | N/A |
2 Bedrooms | $184.5K | $205K | +11.1% |
3 Bedrooms | $265K | $285K | +7.5% |
4 Bedrooms | $298K | $328K | +10.1% |
5+ Bedrooms | $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 | $254K | $275K | +8.3% |
Stickney Township | $268K | $286.5K | +6.9% |
Burbank | $275K | $291K | +5.8% |
Oak Lawn | $247.9K | $260.4K | +5.1% |
Housing Supply in Burbank, IL
How many homes are available in Burbank, IL?
Number of Homes For Sale
May 2024 | Jun 2024 | CHANGE |
---|---|---|
71 | 93 | +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
# BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 4 | 7 | +75.0% |
3 Bedrooms | 43 | 52 | +20.9% |
4 Bedrooms | 17 | 24 | +41.2% |
5+ Bedrooms | 7 | 10 | +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 2024 | Jun 2024 | CHANGE |
---|---|---|
18 | 25 | +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
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 2023 | Jun 2024 | CHANGE |
---|---|---|
20 Days | 18 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
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.