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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Kankakee is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Kankakee, IL

How much do homes in Kankakee, IL cost?

Median Sold Price

$157,500

$108/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$32,950(+26.5%)

Key Takeaway

Homes in Kankakee have sold for 26.5% more than they did a year ago.

Summary: The median home sold price in Kankakee was $157,500 in May 2024, up 26.5% from last year, and the median price per square foot was $108.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $116K$46K
-60.3%
2 $107.5K$103K
-4.2%
3 $128K$170K
+32.8%
4 $133.7K$187K
+39.8%
5+ $109.5K$205K
+87.2%

Summary: Kankakee housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 60.3%, 2 bedroom homes decreased by 4.2%, 3 bedroom homes increased by 32.8%, 4 bedroom homes increased by 39.8%, and 5+ bedroom homes increased by 87.2%.

Median Sold Price Compared To Nearby Cities

Kankakee
+26.5%
Kankakee Township
+25.5%
Bourbonnais Township
+13.9%
Bradley
+8.6%
Aroma Township
+3.9%

Housing Supply in Kankakee, IL

How many homes are available in Kankakee, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
127139+9.4%

Summary: The Kankakee real estate market had 139 homes for sale in May 2024, a 9.4% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 11
0.0%
2 3543
+22.9%
3 5654
-3.6%
4 2530
+20.0%
5+ 1011
+10.0%

Summary: The Kankakee housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 22.9%, 3 bedroom homes decreased by 3.6%, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 10%.

Number of Homes Sold

Apr 2024May 2024CHANGE
2936+24.1%

Asking Price vs. Sold Price

19 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

11 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Kankakee, you may be able to get a good deal. 52.8% of homes here sold below asking price last month.

Summary: A total of 36 homes were sold or pending in Kankakee in May 2024, up by 24.1% month-over-month. Of the 36 sold homes, 53% were sold under asking, 17% were sold at asking, and 31% were sold over asking.

Days on Market for Kankakee, IL

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

Average Sale Time

May 2023May 2024CHANGE
59 Days44 Days-25.9%

Summary: Homes in Kankakee had an average of 44 days on market in May 2024, down by 25.9% compared to last year.

Breakdown of Home Sale Times

24 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 36 homes were sold in Kankakee; 67% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 14% 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 16 Days Ago

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