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 April 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

$155,000

$108/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$33,623(+27.7%)

Key Takeaway

Homes in Kankakee have sold for 27.7% more than they did a year ago.

Summary: The median home sold price in Kankakee was $155,000 in April 2024, up 27.7% from last year, and the median price per square foot was $108.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $116K$46K
-60.3%
2 $105K$98K
-6.7%
3 $129.9K$169.9K
+30.8%
4 $130K$195K
+50.0%
5+ $100K$215K
+115.0%

Summary: Kankakee housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 60.3%, 2 bedroom homes decreased by 6.7%, 3 bedroom homes increased by 30.8%, 4 bedroom homes increased by 50%, and 5+ bedroom homes increased by 115%.

Median Sold Price Compared To Nearby Cities

Kankakee
+27.7%
Kankakee Township
+24.2%
Bourbonnais Township
+13.6%
Bradley
+9.3%
Aroma Township
+7.6%

Housing Supply in Kankakee, IL

How many homes are available in Kankakee, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
121125+3.3%

Summary: The Kankakee real estate market had 125 homes for sale in April 2024, a 3.3% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 11
0.0%
2 3235
+9.4%
3 5857
-1.7%
4 2624
-7.7%
5+ 48
+100.0%

Summary: The Kankakee housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 9.4%, 3 bedroom homes decreased by 1.7%, 4 bedroom homes decreased by 7.7%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
27270.0%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

7 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. 59.3% of homes here sold below asking price last month.

Summary: A total of 27 homes were sold or pending in Kankakee in April 2024, the same as the previous month. Of the 27 sold homes, 59% were sold under asking, 15% were sold at asking, and 26% 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

Apr 2023Apr 2024CHANGE
31 Days41 Days+33.9%

Summary: Homes in Kankakee had an average of 41 days on market in Apr 2024, up by 33.9% compared to last year.

Breakdown of Home Sale Times

15 Homes Were Sold
Under 30 Days

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

Summary: During April 2024, 27 homes were sold in Kankakee; 56% of homes were sold within 30 days, 33% 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 9 Days Ago

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