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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Marion is a seller's market

Buyer's
Market

Difference Since September 2023

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

Key Takeaway

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

Housing Prices in Marion, IL

How much do homes in Marion, IL cost?

Median Sold Price

$185,000

$111/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$30,001(+19.4%)

Key Takeaway

Homes in Marion have sold for 19.4% more than they did a year ago.

Summary: The median home sold price in Marion was $185,000 in September 2024, up 19.4% from last year, and the median price per square foot was $111.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $24K$93.5K
+289.6%
2 $78.5K$93.1K
+18.7%
3 $164K$192K
+17.1%
4 $249.9K$274.9K
+10.0%
5+ $412.5K$425K
+3.0%

Summary: Marion housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 289.6%, 2 bedroom homes increased by 18.7%, 3 bedroom homes increased by 17.1%, 4 bedroom homes increased by 10%, and 5+ bedroom homes increased by 3%.

Median Sold Price Compared To Nearby Cities

East Marion
+25.0%
Marion
+19.4%
West Marion
+10.0%

Housing Supply in Marion, IL

How many homes are available in Marion, IL?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
141132-6.4%

Summary: The Marion real estate market had 132 homes for sale in September 2024, a 6.4% decrease compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 01
+100.0%
2 3332
-3.0%
3 6865
-4.4%
4 3527
-22.9%
5+ 57
+40.0%

Summary: The Marion housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 3%, 3 bedroom homes decreased by 4.4%, 4 bedroom homes decreased by 22.9%, and 5+ bedroom homes increased by 40%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
4631-32.6%

Asking Price vs. Sold Price

17 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Marion, you may be able to get a good deal. 54.8% of homes here sold below asking price last month.

Summary: A total of 31 homes were sold or pending in Marion in September 2024, down by 32.6% month-over-month. Of the 31 sold homes, 55% were sold under asking, 23% were sold at asking, and 23% were sold over asking.

Days on Market for Marion, IL

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

Average Sale Time

Sep 2023Sep 2024CHANGE
44 Days25 Days-41.4%

Summary: Homes in Marion had an average of 25 days on market in Sep 2024, down by 41.4% compared to last year.

Breakdown of Home Sale Times

21 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During September 2024, 31 homes were sold in Marion; 68% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 6% 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 Sep 1, 2024

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