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 February 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

$266,500

$166/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$8,177(+3.2%)

Key Takeaway

Homes in Joliet have sold for 3.2% more than they did a year ago.

Summary: The median home sold price in Joliet was $266,500 in February 2024, up 3.2% from last year, and the median price per square foot was $166.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $117K$75.5K
-35.5%
2 $197.5K$210K
+6.3%
3 $265K$274.9K
+3.8%
4 $345.1K$357K
+3.4%
5+ $299K$317.5K
+6.2%

Summary: Joliet housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 35.5%, 2 bedroom homes increased by 6.3%, 3 bedroom homes increased by 3.8%, 4 bedroom homes increased by 3.4%, and 5+ bedroom homes increased by 6.2%.

Median Sold Price Compared To Nearby Cities

Joliet Township
+28.2%
Crest Hill
+13.1%
Troy Township
+3.3%
Joliet
+3.2%

Housing Supply in Joliet, IL

How many homes are available in Joliet, IL?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
327357+9.2%

Summary: The Joliet real estate market had 357 homes for sale in February 2024, a 9.2% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 34
+33.3%
2 8791
+4.6%
3 134147
+9.7%
4 8693
+8.1%
5+ 1722
+29.4%

Summary: The Joliet housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 4.6%, 3 bedroom homes increased by 9.7%, 4 bedroom homes increased by 8.1%, and 5+ bedroom homes increased by 29.4%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
10892-14.8%

Asking Price vs. Sold Price

34 Homes Were Sold
Under Asking

20 Homes Were Sold
At Asking

38 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. 41.3% of homes here sold above asking price last month.

Summary: A total of 92 homes were sold or pending in Joliet in February 2024, down by 14.8% month-over-month. Of the 92 sold homes, 37% were sold under asking, 22% were sold at asking, and 41% 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

Feb 2023Feb 2024CHANGE
35 Days28 Days-19.7%

Summary: Homes in Joliet had an average of 28 days on market in Feb 2024, down by 19.7% compared to last year.

Breakdown of Home Sale Times

66 Homes Were Sold
Under 30 Days

20 Homes Were Sold
In 30 - 90 Days

6 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 February 2024, 92 homes were sold in Joliet; 72% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 7% 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

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