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 September 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

$201,587

$136/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$16,681(+9.0%)

Key Takeaway

Homes in Kankakee County have sold for 9% more than they did a year ago.

Summary: The median home sold price in Kankakee County was $201,587 in September 2024, up 9% from last year, and the median price per square foot was $136.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $56K$72.5K
+29.5%
2 $133.5K$146.5K
+9.7%
3 $187K$210.4K
+12.5%
4 $251K$262.5K
+4.6%
5+ $276.6K$300K
+8.5%

Summary: Kankakee County housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 29.5%, 2 bedroom homes increased by 9.7%, 3 bedroom homes increased by 12.5%, 4 bedroom homes increased by 4.6%, and 5+ bedroom homes increased by 8.5%.

Median Sold Price Compared To Nearby Counties

Kankakee County
+9.0%
Iroquois County
+8.3%
Will County
+8.0%
Grundy County
+1.2%

Housing Supply in Kankakee County, IL

How many homes are available in Kankakee County, IL?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
376384+2.1%

Summary: The Kankakee County real estate market had 384 homes for sale in September 2024, a 2.1% increase compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 55
0.0%
2 7963
-20.3%
3 190212
+11.6%
4 8385
+2.4%
5+ 1919
0.0%

Summary: The Kankakee County housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 20.3%, 3 bedroom homes increased by 11.6%, 4 bedroom homes increased by 2.4%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
11371-37.2%

Asking Price vs. Sold Price

35 Homes Were Sold
Under Asking

13 Homes Were Sold
At Asking

23 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. 49.3% of homes here sold below asking price last month.

Summary: A total of 71 homes were sold or pending in Kankakee County in September 2024, down by 37.2% month-over-month. Of the 71 sold homes, 49% were sold under asking, 18% were sold at asking, and 32% 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

Sep 2023Sep 2024CHANGE
22 Days29 Days+31.3%

Summary: Homes in Kankakee County had an average of 29 days on market in Sep 2024, up by 31.3% compared to last year.

Breakdown of Home Sale Times

49 Homes Were Sold
Under 30 Days

17 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 County are selling fast, if you're buying plan to act quickly.

Summary: During September 2024, 71 homes were sold in Kankakee County; 69% of homes were sold within 30 days, 24% 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 26 Days Ago

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