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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Marengo is a seller's market

Buyer's
Market

Difference Since March 2023

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

Key Takeaway

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

Housing Prices in Marengo, IL

How much do homes in Marengo, IL cost?

Median Sold Price

$320,000

$161/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$79,000(+32.8%)

Key Takeaway

Homes in Marengo have sold for 32.8% more than they did a year ago.

Summary: The median home sold price in Marengo was $320,000 in March 2024, up 32.8% from last year, and the median price per square foot was $161.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 -$190.2K
N/A
2 $160.9K$221.9K
+37.9%
3 $245K$301.2K
+23.0%
4 $270K$362.5K
+34.3%
5+ $290K$373K
+28.6%

Summary: Marengo housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 37.9%, 3 bedroom homes increased by 23%, 4 bedroom homes increased by 34.3%, and 5+ bedroom homes increased by 28.6%.

Median Sold Price Compared To Nearby Cities

Marengo Township
+33.1%
Marengo
+32.8%
Coral Township
-3.5%
Seneca Township
-6.5%

Housing Supply in Marengo, IL

How many homes are available in Marengo, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
4145+9.8%

Summary: The Marengo real estate market had 45 homes for sale in March 2024, a 9.8% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 00
0.0%
2 66
0.0%
3 1718
+5.9%
4 1517
+13.3%
5+ 34
+33.3%

Summary: The Marengo housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 5.9%, 4 bedroom homes increased by 13.3%, and 5+ bedroom homes increased by 33.3%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
812+50.0%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Marengo, you may be able to get a good deal. 41.7% of homes here sold below asking price last month.

Summary: A total of 12 homes were sold or pending in Marengo in March 2024, up by 50.0% month-over-month. Of the 12 sold homes, 42% were sold under asking, 17% were sold at asking, and 42% were sold over asking.

Days on Market for Marengo, IL

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

Average Sale Time

Mar 2023Mar 2024CHANGE
14 Days28 Days+98.8%

Summary: Homes in Marengo had an average of 28 days on market in Mar 2024, up by 98.8% compared to last year.

Breakdown of Home Sale Times

7 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During March 2024, 12 homes were sold in Marengo; 58% of homes were sold within 30 days, 42% of homes were sold within 30 to 90 days, and 0% 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 24 Days Ago

Newest Listings in Marengo, IL

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