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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Rich Township is a neutral's market

Buyer's
Market

Difference Since November 2022

At the same time last year, Rich Township was a Seller's Market.

Key Takeaway

Rich Township is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Rich Township, IL

How much do homes in Rich Township, IL cost?

Median Sold Price

$202,577

$127/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2022

+$1,092(+0.5%)

Key Takeaway

Homes in Rich Township have sold for 0.5% more than they did a year ago.

Summary: The median home sold price in Rich Township was $202,577 in November 2023, up 0.5% from last year, and the median price per square foot was $127.

Median Sold Price By Bedroom Count

# BEDSNov 2022Nov 2023CHANGE
1 $51.5K$64.5K
+25.2%
2 $139.9K$148.5K
+6.1%
3 $190K$190K
0.0%
4 $256.3K$262K
+2.2%
5+ $358K$387K
+8.1%

Summary: Rich Township housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes increased by 25.2%, 2 bedroom homes increased by 6.1%, 3 bedroom homes did not change, 4 bedroom homes increased by 2.2%, and 5+ bedroom homes increased by 8.1%.

Median Sold Price Compared To Nearby Cities

Flossmoor
+2.5%
Olympia Fields
+1.6%
Rich Township
0.5%
Matteson
-2.4%
Country Club Hills
-2.8%

Housing Supply in Rich Township, IL

How many homes are available in Rich Township, IL?

Number of Homes For Sale

Oct 2023Nov 2023CHANGE
396423+6.8%

Summary: The Rich Township real estate market had 423 homes for sale in November 2023, a 6.8% increase compared to October 2023.

Homes For Sale By Bedroom Count

# BEDSOct 2023Nov 2023CHANGE
1 01
+100.0%
2 7275
+4.2%
3 186192
+3.2%
4 114127
+11.4%
5+ 2428
+16.7%

Summary: The Rich Township housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 4.2%, 3 bedroom homes increased by 3.2%, 4 bedroom homes increased by 11.4%, and 5+ bedroom homes increased by 16.7%.

Number of Homes Sold

Oct 2023Nov 2023CHANGE
9361-34.4%

Asking Price vs. Sold Price

24 Homes Were Sold
Under Asking

12 Homes Were Sold
At Asking

25 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Rich Township, you could pay more than the asking price. 41% of homes here sold above asking price last month.

Summary: A total of 61 homes were sold or pending in Rich Township in November 2023, down by 34.4% month-over-month. Of the 61 sold homes, 39% were sold under asking, 20% were sold at asking, and 41% were sold over asking.

Days on Market for Rich Township, IL

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

Average Sale Time

Nov 2022Nov 2023CHANGE
31 Days28 Days-8.8%

Summary: Homes in Rich Township had an average of 28 days on market in Nov 2023, down by 8.8% compared to last year.

Breakdown of Home Sale Times

38 Homes Were Sold
Under 30 Days

21 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2023, 61 homes were sold in Rich Township; 62% of homes were sold within 30 days, 34% 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 7 Days Ago

Newest Listings in Rich Township, IL

Nearby Markets to Rich Township, IL

What housing markets are near Rich Township, IL?