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 June 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

$204,650

$136/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2023

+$24,711(+13.7%)

Key Takeaway

Homes in Kankakee County have sold for 13.7% more than they did a year ago.

Summary: The median home sold price in Kankakee County was $204,650 in June 2024, up 13.7% from last year, and the median price per square foot was $136.

Median Sold Price By Bedroom Count

# BEDSJun 2023Jun 2024CHANGE
1 $68K$56.2K
-17.3%
2 $134.5K$143.7K
+6.8%
3 $184.9K$209.5K
+13.3%
4 $244.9K$269.9K
+10.2%
5+ $265K$300K
+13.2%

Summary: Kankakee County housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 17.3%, 2 bedroom homes increased by 6.8%, 3 bedroom homes increased by 13.3%, 4 bedroom homes increased by 10.2%, and 5+ bedroom homes increased by 13.2%.

Median Sold Price Compared To Nearby Counties

Kankakee County
+13.7%
Will County
+9.7%
Iroquois County
+8.3%
Grundy County
+4.1%

Housing Supply in Kankakee County, IL

How many homes are available in Kankakee County, IL?

Number of Homes For Sale

May 2024Jun 2024CHANGE
376363-3.5%

Summary: The Kankakee County real estate market had 363 homes for sale in June 2024, a 3.5% decrease compared to May 2024.

Homes For Sale By Bedroom Count

# BEDSMay 2024Jun 2024CHANGE
1 34
+33.3%
2 7672
-5.3%
3 185178
-3.8%
4 9186
-5.5%
5+ 2123
+9.5%

Summary: The Kankakee County housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes decreased by 5.3%, 3 bedroom homes decreased by 3.8%, 4 bedroom homes decreased by 5.5%, and 5+ bedroom homes increased by 9.5%.

Number of Homes Sold

May 2024Jun 2024CHANGE
12789-29.9%

Asking Price vs. Sold Price

30 Homes Were Sold
Under Asking

22 Homes Were Sold
At Asking

37 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Kankakee County, you could pay more than the asking price. 41.6% of homes here sold above asking price last month.

Summary: A total of 89 homes were sold or pending in Kankakee County in June 2024, down by 29.9% month-over-month. Of the 89 sold homes, 34% were sold under asking, 25% were sold at asking, and 42% 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

Jun 2023Jun 2024CHANGE
28 Days25 Days-11.2%

Summary: Homes in Kankakee County had an average of 25 days on market in Jun 2024, down by 11.2% compared to last year.

Breakdown of Home Sale Times

68 Homes Were Sold
Under 30 Days

18 Homes Were Sold
In 30 - 90 Days

3 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 June 2024, 89 homes were sold in Kankakee County; 76% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 3% 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 12 Days Ago

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