Is Granite City, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Granite City is a seller's market

Buyer's
Market

Difference Since February 2023

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

Key Takeaway

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

Housing Prices in Granite City, IL

How much do homes in Granite City, IL cost?

Median Sold Price

$120,000

$91/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$15,550(+14.9%)

Key Takeaway

Homes in Granite City have sold for 14.9% more than they did a year ago.

Summary: The median home sold price in Granite City was $120,000 in February 2024, up 14.9% from last year, and the median price per square foot was $91.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $30K$25K
-16.7%
2 $82K$85K
+3.7%
3 $124.9K$135K
+8.1%
4 $140K$165K
+17.9%
5+ $211.7K$135K
-36.2%

Summary: Granite City housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 16.7%, 2 bedroom homes increased by 3.7%, 3 bedroom homes increased by 8.1%, 4 bedroom homes increased by 17.9%, and 5+ bedroom homes decreased by 36.2%.

Median Sold Price Compared To Nearby Cities

Granite City Township
+17.6%
Granite City
+14.9%
Nameoki Township
+11.8%
Chouteau Township
0.0%

Housing Supply in Granite City, IL

How many homes are available in Granite City, IL?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
133124-6.8%

Summary: The Granite City real estate market had 124 homes for sale in February 2024, a 6.8% decrease compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 54
-20.0%
2 5049
-2.0%
3 6052
-13.3%
4 1516
+6.7%
5+ 33
0.0%

Summary: The Granite City housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes decreased by 2%, 3 bedroom homes decreased by 13.3%, 4 bedroom homes increased by 6.7%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
3435+2.9%

Asking Price vs. Sold Price

17 Homes Were Sold
Under Asking

9 Homes Were Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Granite City, you may be able to get a good deal. 48.6% of homes here sold below asking price last month.

Summary: A total of 35 homes were sold or pending in Granite City in February 2024, up by 2.9% month-over-month. Of the 35 sold homes, 49% were sold under asking, 26% were sold at asking, and 26% were sold over asking.

Days on Market for Granite City, IL

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

Average Sale Time

Feb 2023Feb 2024CHANGE
77 Days58 Days-24.1%

Summary: Homes in Granite City had an average of 58 days on market in Feb 2024, down by 24.1% compared to last year.

Breakdown of Home Sale Times

13 Homes Were Sold
Under 30 Days

13 Homes Were Sold
In 30 - 90 Days

9 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 35 homes were sold in Granite City; 37% of homes were sold within 30 days, 37% of homes were sold within 30 to 90 days, and 26% 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 27 Days Ago

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