Is McLean County, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing McLean County is a seller's market

Buyer's
Market

Difference Since March 2023

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

Key Takeaway

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

Housing Prices in McLean County, IL

How much do homes in McLean County, IL cost?

Median Sold Price

$231,366

$105/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$25,753(+12.5%)

Key Takeaway

Homes in McLean County have sold for 12.5% more than they did a year ago.

Summary: The median home sold price in McLean County was $231,366 in March 2024, up 12.5% from last year, and the median price per square foot was $105.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $95.5K$120K
+25.7%
2 $140K$145.5K
+4.0%
3 $195.1K$212.1K
+8.7%
4 $295.5K$320.7K
+8.5%
5+ $300K$291.5K
-2.8%

Summary: McLean County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 25.7%, 2 bedroom homes increased by 4%, 3 bedroom homes increased by 8.7%, 4 bedroom homes increased by 8.5%, and 5+ bedroom homes decreased by 2.8%.

Median Sold Price Compared To Nearby Counties

Piatt County
+23.2%
Woodford County
+16.9%
De Witt County
+16.4%
McLean County
+12.5%
Ford County
+8.4%

Housing Supply in McLean County, IL

How many homes are available in McLean County, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
406469+15.5%

Summary: The McLean County real estate market had 469 homes for sale in March 2024, a 15.5% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 66
0.0%
2 6670
+6.1%
3 172215
+25.0%
4 135148
+9.6%
5+ 2730
+11.1%

Summary: The McLean County 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 increased by 6.1%, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 9.6%, and 5+ bedroom homes increased by 11.1%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
93124+33.3%

Asking Price vs. Sold Price

44 Homes Were Sold
Under Asking

33 Homes Were Sold
At Asking

47 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in McLean County, you could pay more than the asking price. 37.9% of homes here sold above asking price last month.

Summary: A total of 124 homes were sold or pending in McLean County in March 2024, up by 33.3% month-over-month. Of the 124 sold homes, 35% were sold under asking, 27% were sold at asking, and 38% were sold over asking.

Days on Market for McLean County, IL

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

Average Sale Time

Mar 2023Mar 2024CHANGE
19 Days44 Days+125.9%

Summary: Homes in McLean County had an average of 44 days on market in Mar 2024, up by 125.9% compared to last year.

Breakdown of Home Sale Times

97 Homes Were Sold
Under 30 Days

11 Homes Were Sold
In 30 - 90 Days

16 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During March 2024, 124 homes were sold in McLean County; 78% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 13% 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 18 Days Ago

Newest Listings in McLean County, IL

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What housing markets are near McLean County, IL?