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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Central is a buyer's market

Buyer's
Market

Difference Since September 2023

At the same time last year, Central was a Seller's Market.

Key Takeaway

Central is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Central, IL

How much do homes in Central, IL cost?

Median Sold Price

$386,029

$340/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$16,029(+4.3%)

Key Takeaway

Homes in Central have sold for 4.3% more than they did a year ago.

Summary: The median home sold price in Central was $386,029 in September 2024, up 4.3% from last year, and the median price per square foot was $340.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $265K$280K
+5.7%
2 $407.1K$419.1K
+2.9%
3 $733K$765K
+4.4%
4 $1.2M$1.0M
-10.7%
5+ $1.4M$4.7M
+217.4%

Summary: Central housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.7%, 2 bedroom homes increased by 2.9%, 3 bedroom homes increased by 4.4%, 4 bedroom homes decreased by 10.7%, and 5+ bedroom homes increased by 217.4%.

Median Sold Price Compared To Nearby Neighborhoods

Central
+4.3%
1720 S Michigan Ave.
-9.2%

Housing Supply in Central, IL

How many homes are available in Central, IL?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
510611+19.8%

Summary: The Central real estate market had 611 homes for sale in September 2024, a 19.8% increase compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 183200
+9.3%
2 222279
+25.7%
3 95117
+23.2%
4 1015
+50.0%
5+ 00
0.0%

Summary: The Central housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 9.3%, 2 bedroom homes increased by 25.7%, 3 bedroom homes increased by 23.2%, 4 bedroom homes increased by 50%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
10881-25.0%

Asking Price vs. Sold Price

38 Homes Were Sold
Under Asking

12 Homes Were Sold
At Asking

31 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Central, you may be able to get a good deal. 46.9% of homes here sold below asking price last month.

Summary: A total of 81 homes were sold or pending in Central in September 2024, down by 25.0% month-over-month. Of the 81 sold homes, 47% were sold under asking, 15% were sold at asking, and 38% were sold over asking.

Days on Market for Central, IL

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

Average Sale Time

Sep 2023Sep 2024CHANGE
34 Days36 Days+4.1%

Summary: Homes in Central had an average of 36 days on market in Sep 2024, up by 4.1% compared to last year.

Breakdown of Home Sale Times

42 Homes Were Sold
Under 30 Days

30 Homes Were Sold
In 30 - 90 Days

9 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During September 2024, 81 homes were sold in Central; 52% of homes were sold within 30 days, 37% of homes were sold within 30 to 90 days, and 11% 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 30 Days Ago

Newest Listings in Central, IL

Nearby Markets to Central, IL