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

Housing Market Conditions



Gauge showing Kankakee is a seller'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



Based on all homes sold in the last 12 months.

Difference Since May 2023


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
2 $107.5K$103K
3 $128K$170K
4 $133.7K$187K
5+ $109.5K$205K

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 Township
Bourbonnais Township
Aroma Township

Housing Supply in Kankakee, IL

How many homes are available in Kankakee, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE

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
2 3543
3 5654
4 2530
5+ 1011

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

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

Newest Listings in Kankakee, IL

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What housing markets are near Kankakee, IL?