Is Frankfort, 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, Frankfort has remained a Seller's Market.
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
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
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $205K | $197.5K | -3.7% |
2 Bedrooms | $370.5K | $299.9K | -19.0% |
3 Bedrooms | $425K | $355K | -16.5% |
4 Bedrooms | $615K | $564.9K | -8.1% |
5+ Bedrooms | $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 | $336K | $389K | +15.8% |
Green Garden Township | $543.5K | $574.8K | +5.8% |
Frankfort Township | $399.7K | $410K | +2.6% |
Matteson | $239.9K | $230K | -4.2% |
Frankfort | $529.9K | $451.6K | -14.8% |
Housing Supply in Frankfort, IL
How many homes are available in Frankfort, IL?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
95 | 119 | +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
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 1 | +100.0% |
2 Bedrooms | 19 | 19 | 0.0% |
3 Bedrooms | 19 | 31 | +63.2% |
4 Bedrooms | 37 | 47 | +27.0% |
5+ Bedrooms | 20 | 21 | +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 2024 | Mar 2024 | CHANGE |
---|---|---|
25 | 31 | +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
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 2023 | Mar 2024 | CHANGE |
---|---|---|
32 Days | 31 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
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.