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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Reed Township is a seller's market

Buyer's
Market

Difference Since April 2023

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

Key Takeaway

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

Housing Prices in Reed Township, IL

How much do homes in Reed Township, IL cost?

Median Sold Price

$220,000

$163/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$20,000(+10.0%)

Key Takeaway

Homes in Reed Township have sold for 10% more than they did a year ago.

Summary: The median home sold price in Reed Township was $220,000 in April 2024, up 10% from last year, and the median price per square foot was $163.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $95K$110K
+15.8%
2 $165K$178.9K
+8.5%
3 $225K$242.5K
+7.8%
4 $287.5K$302.4K
+5.2%
5+ -$385K
N/A

Summary: Reed Township housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.8%, 2 bedroom homes increased by 8.5%, 3 bedroom homes increased by 7.8%, 4 bedroom homes increased by 5.2%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Braceville
+21.0%
Braceville Township
+18.5%
Reed Township
+10.0%
Braidwood
+10.0%

Housing Supply in Reed Township, IL

How many homes are available in Reed Township, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
4238-9.5%

Summary: The Reed Township real estate market had 38 homes for sale in April 2024, a 9.5% decrease compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 129
-25.0%
2 66
0.0%
3 1818
0.0%
4 65
-16.7%
5+ 00
0.0%

Summary: The Reed Township housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes decreased by 16.7%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
167-56.3%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Reed Township, expect to pay close to the asking price. 57.1% of homes here sold near the asking price last month.

Summary: A total of 7 homes were sold or pending in Reed Township in April 2024, down by 56.3% month-over-month. Of the 7 sold homes, 29% were sold under asking, 57% were sold at asking, and 14% were sold over asking.

Days on Market for Reed Township, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
13 Days18 Days+35.6%

Summary: Homes in Reed Township had an average of 18 days on market in Apr 2024, up by 35.6% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 7 homes were sold in Reed Township; 71% of homes were sold within 30 days, 29% 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 14 Days Ago

Newest Listings in Reed Township, IL

Nearby Markets to Reed Township, IL

What housing markets are near Reed Township, IL?