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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Plainfield is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Plainfield, IL

How much do homes in Plainfield, IL cost?

Median Sold Price

$377,773

$188/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

-$12,374(-3.2%)

Key Takeaway

Homes in Plainfield have sold for 3.2% less than they did a year ago.

Summary: The median home sold price in Plainfield was $377,773 in May 2024, down 3.2% from last year, and the median price per square foot was $188.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 -$249.5K
N/A
2 $262.7K$280K
+6.6%
3 $340K$350K
+2.9%
4 $469.9K$469.8K
0%
5+ $555.2K$585.2K
+5.4%

Summary: Plainfield housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 6.6%, 3 bedroom homes increased by 2.9%, 4 bedroom homes did not change, and 5+ bedroom homes increased by 5.4%.

Median Sold Price Compared To Nearby Cities

Plainfield Township
+9.3%
Bolingbrook
+8.0%
Wheatland Township
+7.1%
Na-Au-Say Township
+6.4%
Plainfield
-3.2%

Housing Supply in Plainfield, IL

How many homes are available in Plainfield, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
368399+8.4%

Summary: The Plainfield real estate market had 399 homes for sale in May 2024, a 8.4% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 11
0.0%
2 5056
+12.0%
3 134141
+5.2%
4 158173
+9.5%
5+ 2528
+12.0%

Summary: The Plainfield housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 12%, 3 bedroom homes increased by 5.2%, 4 bedroom homes increased by 9.5%, and 5+ bedroom homes increased by 12%.

Number of Homes Sold

Apr 2024May 2024CHANGE
103108+4.9%

Asking Price vs. Sold Price

29 Homes Were Sold
Under Asking

23 Homes Were Sold
At Asking

56 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Plainfield, you could pay more than the asking price. 51.9% of homes here sold above asking price last month.

Summary: A total of 108 homes were sold or pending in Plainfield in May 2024, up by 4.9% month-over-month. Of the 108 sold homes, 27% were sold under asking, 21% were sold at asking, and 52% were sold over asking.

Days on Market for Plainfield, IL

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

Average Sale Time

May 2023May 2024CHANGE
14 Days18 Days+23.5%

Summary: Homes in Plainfield had an average of 18 days on market in May 2024, up by 23.5% compared to last year.

Breakdown of Home Sale Times

90 Homes Were Sold
Under 30 Days

15 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 108 homes were sold in Plainfield; 83% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 3% 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 16 Days Ago

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