Is Milan Township, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Milan Township is a buyer's market

Buyer's
Market

Difference Since Last Month

Last month, Milan Township was a Seller's Market.

Key Takeaway

Milan Township is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Milan Township, IL

How much do homes in Milan Township, IL cost?

Median Sold Price

$159,000

$123/sqft

Based on all homes sold in February 2024.

Difference Since Last Month

-$36,000(-18.5%)

Key Takeaway

Homes in Milan Township have sold for 18.5% less than they did a month ago.

Summary: The median home sold price in Milan Township was $159,000 in February 2024, down 18.5% from last month, and the median price per square foot was $123.

Median Sold Price By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 --
N/A
2 $122.5K-
N/A
3 $272.5K$159K
-41.7%
4 --
N/A
5+ $346.8K-
N/A

Summary: Milan Township housing prices by bedroom type for February 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes decreased by 41.7%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.

Housing Supply in Milan Township, IL

How many homes are available in Milan Township, IL?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
1118+63.6%

Summary: The Milan Township real estate market had 18 homes for sale in February 2024, a 63.6% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 23
+50.0%
3 611
+83.3%
4 24
+100.0%
5+ 10
-100.0%

Summary: The Milan Township housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 50%, 3 bedroom homes increased by 83.3%, 4 bedroom homes increased by 100%, and 5+ bedroom homes decreased by 100%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
52-60.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Milan Township, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 2 homes were sold or pending in Milan Township in February 2024, down by 60.0% month-over-month. Of the 2 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.

Days on Market for Milan Township, IL

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

Average Sale Time

Jan 2024Feb 2024CHANGE
21 Days18 Days-15.1%

Summary: Homes in Milan Township had an average of 18 days on market in Feb 2024, down by 15.1% compared to last month.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 2 homes were sold in Milan Township; 50% of homes were sold within 30 days, 50% 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 27 Days Ago

Newest Listings in Milan Township, IL

Nearby Markets to Milan Township, IL

What housing markets are near Milan Township, IL?