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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Frankfort is a seller's market

Buyer's
Market

Difference Since March 2023

Since last year, Frankfort has remained a Seller's Market.

Key Takeaway

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

Housing Prices in Frankfort, IL

How much do homes in Frankfort, IL cost?

Median Sold Price

$451,633

$183/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

-$78,316(-14.8%)

Key Takeaway

Homes in Frankfort have sold for 14.8% less than they did a year ago.

Summary: The median home sold price in Frankfort was $451,633 in March 2024, down 14.8% from last year, and the median price per square foot was $183.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $205K$197.5K
-3.7%
2 $370.5K$299.9K
-19.0%
3 $425K$355K
-16.5%
4 $615K$564.9K
-8.1%
5+ $600K$596K
-0.7%

Summary: Frankfort housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3.7%, 2 bedroom homes decreased by 19%, 3 bedroom homes decreased by 16.5%, 4 bedroom homes decreased by 8.1%, and 5+ bedroom homes decreased by 0.7%.

Median Sold Price Compared To Nearby Cities

Mokena
+15.8%
Green Garden Township
+5.8%
Frankfort Township
+2.6%
Matteson
-4.2%
Frankfort
-14.8%

Housing Supply in Frankfort, IL

How many homes are available in Frankfort, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
95119+25.3%

Summary: The Frankfort real estate market had 119 homes for sale in March 2024, a 25.3% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 01
+100.0%
2 1919
0.0%
3 1931
+63.2%
4 3747
+27.0%
5+ 2021
+5.0%

Summary: The Frankfort housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 63.2%, 4 bedroom homes increased by 27%, and 5+ bedroom homes increased by 5%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
2531+24.0%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Frankfort, you may be able to get a good deal. 51.6% of homes here sold below asking price last month.

Summary: A total of 31 homes were sold or pending in Frankfort in March 2024, up by 24.0% month-over-month. Of the 31 sold homes, 52% were sold under asking, 19% were sold at asking, and 29% were sold over asking.

Days on Market for Frankfort, IL

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

Average Sale Time

Mar 2023Mar 2024CHANGE
32 Days31 Days-3.4%

Summary: Homes in Frankfort had an average of 31 days on market in Mar 2024, down by 3.4% compared to last year.

Breakdown of Home Sale Times

22 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During March 2024, 31 homes were sold in Frankfort; 71% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 6% 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 18 Days Ago

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