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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Effingham is a seller's market

Buyer's
Market

Difference Since Last Month

Since last month, Effingham has remained a Seller's Market.

Key Takeaway

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

Housing Prices in Effingham, IL

How much do homes in Effingham, IL cost?

Median Sold Price

$197,500

$79/sqft

Based on all homes sold in March 2024.

Difference Since Last Month

-$1,402,500(-87.7%)

Key Takeaway

Homes in Effingham have sold for 87.7% less than they did a month ago.

Summary: The median home sold price in Effingham was $197,500 in March 2024, down 87.7% from last month, and the median price per square foot was $79.

Median Sold Price By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 --
N/A
2 --
N/A
3 -$55K
N/A
4 -$340K
N/A
5+ $1.6M-
N/A

Summary: Effingham housing prices by bedroom type for March 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Effingham
-87.7%
Summit Township
-96.6%

Housing Supply in Effingham, IL

How many homes are available in Effingham, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
330.0%

Summary: The Effingham real estate market had 3 homes for sale in March 2024, the same as February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 00
0.0%
2 01
+100.0%
3 11
0.0%
4 11
0.0%
5+ 10
-100.0%

Summary: The Effingham 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 100%, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 100%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
12+100.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Effingham, you may be able to get a good deal. 100% of homes here sold below asking price last month.

Summary: A total of 2 homes were sold or pending in Effingham in March 2024, up by 100.0% month-over-month. Of the 2 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.

Days on Market for Effingham, IL

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

Average Sale Time

Feb 2024Mar 2024CHANGE
119 Days98 Days-17.2%

Summary: Homes in Effingham had an average of 98 days on market in Mar 2024, down by 17.2% compared to last month.

Breakdown of Home Sale Times

0 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Effingham has remained consistent over time.

Summary: During March 2024, 2 homes were sold in Effingham; 0% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 50% 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 28 Days Ago

Newest Listings in Effingham, IL

Nearby Markets to Effingham, IL