Is Madison County, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Madison County has remained a Seller's Market.
Housing Prices in Madison County, IL
How much do homes in Madison County, IL cost?
Median Sold Price
$174,818
$111/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Madison County was $174,818 in March 2024, up 6% from last year, and the median price per square foot was $111.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $47K | $45.5K | -3.2% |
2 Bedrooms | $94.4K | $104.9K | +11.2% |
3 Bedrooms | $170K | $184.1K | +8.3% |
4 Bedrooms | $291.4K | $306.6K | +5.2% |
5+ Bedrooms | $390K | $401K | +2.8% |
Summary: Madison County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3.2%, 2 bedroom homes increased by 11.2%, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 5.2%, and 5+ bedroom homes increased by 2.8%.
Median Sold Price Compared To Nearby Counties
Jersey County | $133.3K | $145K | +8.7% |
Bond County | $140K | $151K | +7.9% |
Madison County | $164.9K | $174.8K | +6.0% |
Saint Clair County | $189.8K | $199.4K | +5.0% |
Macoupin County | $122.1K | $123.9K | +1.5% |
Housing Supply in Madison County, IL
How many homes are available in Madison County, IL?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
791 | 846 | +7.0% |
Summary: The Madison County real estate market had 846 homes for sale in March 2024, a 7.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 10 | 12 | +20.0% |
2 Bedrooms | 195 | 203 | +4.1% |
3 Bedrooms | 391 | 420 | +7.4% |
4 Bedrooms | 153 | 164 | +7.2% |
5+ Bedrooms | 42 | 47 | +11.9% |
Summary: The Madison County housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 20%, 2 bedroom homes increased by 4.1%, 3 bedroom homes increased by 7.4%, 4 bedroom homes increased by 7.2%, and 5+ bedroom homes increased by 11.9%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
205 | 263 | +28.3% |
Asking Price vs. Sold Price
118 Homes Were Sold
Under Asking
58 Homes Were Sold
At Asking
87 Homes Were Sold
Over Asking
Summary: A total of 263 homes were sold or pending in Madison County in March 2024, up by 28.3% month-over-month. Of the 263 sold homes, 45% were sold under asking, 22% were sold at asking, and 33% were sold over asking.
Days on Market for Madison County, IL
How long does it take to sell a home in Madison County, IL?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
54 Days | 61 Days | +11.9% |
Summary: Homes in Madison County had an average of 61 days on market in Mar 2024, up by 11.9% compared to last year.
Breakdown of Home Sale Times
111 Homes Were Sold
Under 30 Days
97 Homes Were Sold
In 30 - 90 Days
53 Homes Were Sold
Over 90 Days
Summary: During March 2024, 263 homes were sold in Madison County; 42% of homes were sold within 30 days, 37% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.