Is Milan, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Milan has remained a Seller's Market.
Key Takeaway
Milan is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Milan, IL
How much do homes in Milan, IL cost?
Median Sold Price
$162,000
$109/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Milan have sold for 27.6% more than they did a year ago.
Summary: The median home sold price in Milan was $162,000 in April 2024, up 27.6% from last year, and the median price per square foot was $109.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $52.3K | $85K | +62.4% |
| 2 Bedrooms | $99.4K | $109K | +9.6% |
| 3 Bedrooms | $132K | $165K | +25.0% |
| 4 Bedrooms | $188.2K | $227.5K | +20.8% |
| 5+ Bedrooms | $321.7K | $368.4K | +14.5% |
Summary: Milan housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 62.4%, 2 bedroom homes increased by 9.6%, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 20.8%, and 5+ bedroom homes increased by 14.5%.
Median Sold Price Compared To Nearby Cities
| Milan | $127K | $162K | +27.6% |
| Blackhawk Township | $130K | $164K | +26.2% |
| Rock Island | $119.9K | $130K | +8.3% |
| South Rock Island Township | $134K | $140K | +4.5% |
Housing Supply in Milan, IL
How many homes are available in Milan, IL?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 26 | 19 | -26.9% |
Summary: The Milan real estate market had 19 homes for sale in April 2024, a 26.9% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 5 | 5 | 0.0% |
| 3 Bedrooms | 13 | 7 | -46.2% |
| 4 Bedrooms | 7 | 4 | -42.9% |
| 5+ Bedrooms | 0 | 2 | +100.0% |
Summary: The Milan housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 46.2%, 4 bedroom homes decreased by 42.9%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 10 | 4 | -60.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Milan, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 4 homes were sold or pending in Milan in April 2024, down by 60.0% month-over-month. Of the 4 sold homes, 25% were sold under asking, 25% were sold at asking, and 50% were sold over asking.
Days on Market for Milan, IL
How long does it take to sell a home in Milan, IL?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 7 Days | 14 Days | +100.4% |
Summary: Homes in Milan had an average of 14 days on market in Apr 2024, up by 100.4% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Milan are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 4 homes were sold in Milan; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Listings courtesy of RMLS Alliance as distributed by MLS GRID.