Is Colona Township, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Colona Township has remained a Seller's Market.
Key Takeaway
Colona Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Colona Township, IL
How much do homes in Colona Township, IL cost?
Median Sold Price
$187,500
$110/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Colona Township have sold for 10.3% more than they did a year ago.
Summary: The median home sold price in Colona Township was $187,500 in May 2024, up 10.3% from last year, and the median price per square foot was $110.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $80K | $68K | -15.0% |
| 2 Bedrooms | $86.8K | $88K | +1.3% |
| 3 Bedrooms | $194K | $181K | -6.7% |
| 4 Bedrooms | $213K | $230K | +8.0% |
| 5+ Bedrooms | $299.6K | $175.7K | -41.3% |
Summary: Colona Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 15%, 2 bedroom homes increased by 1.3%, 3 bedroom homes decreased by 6.7%, 4 bedroom homes increased by 8%, and 5+ bedroom homes decreased by 41.3%.
Median Sold Price Compared To Nearby Cities
| Coal Valley | $199K | $253K | +27.1% |
| Colona | $144K | $180.5K | +25.3% |
| Hampton Township | $129K | $143K | +10.9% |
| Colona Township | $170K | $187.5K | +10.3% |
Housing Supply in Colona Township, IL
How many homes are available in Colona Township, IL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 12 | 21 | +75.0% |
Summary: The Colona Township real estate market had 21 homes for sale in May 2024, a 75.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 2 | +100.0% |
| 3 Bedrooms | 8 | 12 | +50.0% |
| 4 Bedrooms | 4 | 7 | +75.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Colona Township 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 100%, 3 bedroom homes increased by 50%, 4 bedroom homes increased by 75%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2 | 8 | +300.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Colona Township, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 8 homes were sold or pending in Colona Township in May 2024, up by 300.0% month-over-month. Of the 8 sold homes, 25% were sold under asking, 25% were sold at asking, and 50% were sold over asking.
Days on Market for Colona Township, IL
How long does it take to sell a home in Colona Township, IL?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 28 Days | 44 Days | +57.7% |
Summary: Homes in Colona Township had an average of 44 days on market in May 2024, up by 57.7% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Colona Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 8 homes were sold in Colona Township; 75% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
Listings courtesy of RMLS Alliance as distributed by MLS GRID.