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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Kankakee County is a seller's market

Buyer's
Market

Difference Since February 2023

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

Key Takeaway

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

Housing Prices in Kankakee County, IL

How much do homes in Kankakee County, IL cost?

Median Sold Price

$193,914

$133/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$10,023(+5.5%)

Key Takeaway

Homes in Kankakee County have sold for 5.5% more than they did a year ago.

Summary: The median home sold price in Kankakee County was $193,914 in February 2024, up 5.5% from last year, and the median price per square foot was $133.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $125K$56K
-55.2%
2 $130K$136K
+4.6%
3 $190K$199.9K
+5.2%
4 $245K$259.5K
+5.9%
5+ $232.4K$295K
+26.9%

Summary: Kankakee County housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 55.2%, 2 bedroom homes increased by 4.6%, 3 bedroom homes increased by 5.2%, 4 bedroom homes increased by 5.9%, and 5+ bedroom homes increased by 26.9%.

Median Sold Price Compared To Nearby Counties

Will County
+7.3%
Kankakee County
+5.5%
Iroquois County
+4.4%
Grundy County
+2.4%

Housing Supply in Kankakee County, IL

How many homes are available in Kankakee County, IL?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
246295+19.9%

Summary: The Kankakee County real estate market had 295 homes for sale in February 2024, a 19.9% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 46
+50.0%
2 4758
+23.4%
3 126142
+12.7%
4 5975
+27.1%
5+ 1014
+40.0%

Summary: The Kankakee County housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 23.4%, 3 bedroom homes increased by 12.7%, 4 bedroom homes increased by 27.1%, and 5+ bedroom homes increased by 40%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
4954+10.2%

Asking Price vs. Sold Price

34 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

14 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Kankakee County, you may be able to get a good deal. 63% of homes here sold below asking price last month.

Summary: A total of 54 homes were sold or pending in Kankakee County in February 2024, up by 10.2% month-over-month. Of the 54 sold homes, 63% were sold under asking, 11% were sold at asking, and 26% were sold over asking.

Days on Market for Kankakee County, IL

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

Average Sale Time

Feb 2023Feb 2024CHANGE
50 Days42 Days-14.9%

Summary: Homes in Kankakee County had an average of 42 days on market in Feb 2024, down by 14.9% compared to last year.

Breakdown of Home Sale Times

26 Homes Were Sold
Under 30 Days

22 Homes Were Sold
In 30 - 90 Days

6 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 54 homes were sold in Kankakee County; 48% of homes were sold within 30 days, 41% of homes were sold within 30 to 90 days, and 11% 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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