Is Manhattan, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Manhattan is a seller's market

Buyer's
Market

Difference Since February 2023

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

Key Takeaway

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

Housing Prices in Manhattan, IL

How much do homes in Manhattan, IL cost?

Median Sold Price

$374,000

$168/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$74,100(+24.7%)

Key Takeaway

Homes in Manhattan have sold for 24.7% more than they did a year ago.

Summary: The median home sold price in Manhattan was $374,000 in February 2024, up 24.7% from last year, and the median price per square foot was $168.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $125K-
N/A
2 $224.7K$239.9K
+6.7%
3 $269.9K$300K
+11.1%
4 $395K$430K
+8.9%
5+ $510K$550K
+7.8%

Summary: Manhattan housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 11.1%, 4 bedroom homes increased by 8.9%, and 5+ bedroom homes increased by 7.8%.

Median Sold Price Compared To Nearby Cities

Manhattan
+24.7%
Manhattan Township
+20.3%

Housing Supply in Manhattan, IL

How many homes are available in Manhattan, IL?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
4850+4.2%

Summary: The Manhattan real estate market had 50 homes for sale in February 2024, a 4.2% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 1014
+40.0%
3 1311
-15.4%
4 2019
-5.0%
5+ 56
+20.0%

Summary: The Manhattan housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 40%, 3 bedroom homes decreased by 15.4%, 4 bedroom homes decreased by 5%, and 5+ bedroom homes increased by 20%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
1112+9.1%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Manhattan, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.

Summary: A total of 12 homes were sold or pending in Manhattan in February 2024, up by 9.1% month-over-month. Of the 12 sold homes, 25% were sold under asking, 50% were sold at asking, and 25% were sold over asking.

Days on Market for Manhattan, IL

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

Average Sale Time

Feb 2023Feb 2024CHANGE
20 Days25 Days+27.0%

Summary: Homes in Manhattan had an average of 25 days on market in Feb 2024, up by 27% compared to last year.

Breakdown of Home Sale Times

9 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 12 homes were sold in Manhattan; 75% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 8% 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 28 Days Ago

Newest Listings in Manhattan, IL

Nearby Markets to Manhattan, IL

What housing markets are near Manhattan, IL?