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 February 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

$229,476

$105/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$23,996(+11.7%)

Key Takeaway

Homes in McLean County have sold for 11.7% more than they did a year ago.

Summary: The median home sold price in McLean County was $229,476 in February 2024, up 11.7% from last year, and the median price per square foot was $105.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $95.5K$100K
+4.7%
2 $139.8K$145.9K
+4.4%
3 $191.4K$210K
+9.7%
4 $295K$315.2K
+6.9%
5+ $300K$300K
0.0%

Summary: McLean County housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.7%, 2 bedroom homes increased by 4.4%, 3 bedroom homes increased by 9.7%, 4 bedroom homes increased by 6.9%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Counties

Piatt County
+20.0%
Ford County
+18.6%
De Witt County
+15.2%
Woodford County
+14.2%
McLean County
+11.7%

Housing Supply in McLean County, IL

How many homes are available in McLean County, IL?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
364400+9.9%

Summary: The McLean County real estate market had 400 homes for sale in February 2024, a 9.9% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 75
-28.6%
2 6866
-2.9%
3 157170
+8.3%
4 106132
+24.5%
5+ 2627
+3.8%

Summary: The McLean County housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 28.6%, 2 bedroom homes decreased by 2.9%, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 24.5%, and 5+ bedroom homes increased by 3.8%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
10189-11.9%

Asking Price vs. Sold Price

30 Homes Were Sold
Under Asking

25 Homes Were Sold
At Asking

34 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. 38.2% of homes here sold above asking price last month.

Summary: A total of 89 homes were sold or pending in McLean County in February 2024, down by 11.9% month-over-month. Of the 89 sold homes, 34% were sold under asking, 28% 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

Feb 2023Feb 2024CHANGE
36 Days39 Days+7.2%

Summary: Homes in McLean County had an average of 39 days on market in Feb 2024, up by 7.2% compared to last year.

Breakdown of Home Sale Times

58 Homes Were Sold
Under 30 Days

18 Homes Were Sold
In 30 - 90 Days

13 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 February 2024, 89 homes were sold in McLean County; 65% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 15% 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 2 Days Ago

Newest Listings in McLean County, IL

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