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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Joliet is a seller's market

Buyer's
Market

Difference Since March 2023

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

Key Takeaway

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

Housing Prices in Joliet, IL

How much do homes in Joliet, IL cost?

Median Sold Price

$269,146

$168/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$9,462(+3.6%)

Key Takeaway

Homes in Joliet have sold for 3.6% more than they did a year ago.

Summary: The median home sold price in Joliet was $269,146 in March 2024, up 3.6% from last year, and the median price per square foot was $168.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $92.8K$90K
-3.0%
2 $196.6K$210.6K
+7.1%
3 $264.9K$275.2K
+3.9%
4 $347.5K$357.6K
+2.9%
5+ $299K$347.5K
+16.2%

Summary: Joliet housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3%, 2 bedroom homes increased by 7.1%, 3 bedroom homes increased by 3.9%, 4 bedroom homes increased by 2.9%, and 5+ bedroom homes increased by 16.2%.

Median Sold Price Compared To Nearby Cities

Joliet Township
+26.6%
Crest Hill
+15.4%
Troy Township
+3.8%
Joliet
+3.6%

Housing Supply in Joliet, IL

How many homes are available in Joliet, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
351393+12.0%

Summary: The Joliet real estate market had 393 homes for sale in March 2024, a 12.0% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 45
+25.0%
2 8787
0.0%
3 144190
+31.9%
4 9385
-8.6%
5+ 2326
+13.0%

Summary: The Joliet housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes remained the same, 3 bedroom homes increased by 31.9%, 4 bedroom homes decreased by 8.6%, and 5+ bedroom homes increased by 13%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
105115+9.5%

Asking Price vs. Sold Price

36 Homes Were Sold
Under Asking

24 Homes Were Sold
At Asking

55 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Joliet, you could pay more than the asking price. 47.8% of homes here sold above asking price last month.

Summary: A total of 115 homes were sold or pending in Joliet in March 2024, up by 9.5% month-over-month. Of the 115 sold homes, 31% were sold under asking, 21% were sold at asking, and 48% were sold over asking.

Days on Market for Joliet, IL

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

Average Sale Time

Mar 2023Mar 2024CHANGE
25 Days25 Days-1.4%

Summary: Homes in Joliet had an average of 25 days on market in Mar 2024, down by 1.4% compared to last year.

Breakdown of Home Sale Times

89 Homes Were Sold
Under 30 Days

19 Homes Were Sold
In 30 - 90 Days

7 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During March 2024, 115 homes were sold in Joliet; 77% of homes were sold within 30 days, 17% 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 22 Days Ago

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