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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Mokena is a seller's market

Buyer's
Market

Difference Since April 2023

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

Key Takeaway

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

Housing Prices in Mokena, IL

How much do homes in Mokena, IL cost?

Median Sold Price

$384,250

$174/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$31,916(+9.1%)

Key Takeaway

Homes in Mokena have sold for 9.1% more than they did a year ago.

Summary: The median home sold price in Mokena was $384,250 in April 2024, up 9.1% from last year, and the median price per square foot was $174.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $110K$128K
+16.4%
2 $250K$267.7K
+7.1%
3 $327.5K$327.5K
0.0%
4 $545.5K$519.5K
-4.8%
5+ $540K$675K
+25.0%

Summary: Mokena housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.4%, 2 bedroom homes increased by 7.1%, 3 bedroom homes did not change, 4 bedroom homes decreased by 4.8%, and 5+ bedroom homes increased by 25%.

Median Sold Price Compared To Nearby Cities

Tinley Park
+11.5%
New Lenox Township
+9.8%
Mokena
+9.1%
Frankfort Township
+2.5%
Frankfort
-14.0%

Housing Supply in Mokena, IL

How many homes are available in Mokena, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
7487+17.6%

Summary: The Mokena real estate market had 87 homes for sale in April 2024, a 17.6% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 00
0.0%
2 1617
+6.3%
3 2123
+9.5%
4 2128
+33.3%
5+ 1619
+18.8%

Summary: The Mokena 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 increased by 6.3%, 3 bedroom homes increased by 9.5%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 18.8%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
2625-3.8%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

14 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Mokena, you could pay more than the asking price. 56% of homes here sold above asking price last month.

Summary: A total of 25 homes were sold or pending in Mokena in April 2024, down by 3.8% month-over-month. Of the 25 sold homes, 28% were sold under asking, 16% were sold at asking, and 56% were sold over asking.

Days on Market for Mokena, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
17 Days26 Days+47.4%

Summary: Homes in Mokena had an average of 26 days on market in Apr 2024, up by 47.4% compared to last year.

Breakdown of Home Sale Times

19 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 25 homes were sold in Mokena; 76% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 8% 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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