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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Frankfort is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Frankfort, IL

How much do homes in Frankfort, IL cost?

Median Sold Price

$461,250

$184/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

-$51,000(-10.0%)

Key Takeaway

Homes in Frankfort have sold for 10% less than they did a year ago.

Summary: The median home sold price in Frankfort was $461,250 in May 2024, down 10% from last year, and the median price per square foot was $184.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $205K$202.7K
-1.1%
2 $365.7K$287.5K
-21.4%
3 $425K$365K
-14.1%
4 $605K$564.9K
-6.6%
5+ $567.9K$600K
+5.6%

Summary: Frankfort housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.1%, 2 bedroom homes decreased by 21.4%, 3 bedroom homes decreased by 14.1%, 4 bedroom homes decreased by 6.6%, and 5+ bedroom homes increased by 5.6%.

Median Sold Price Compared To Nearby Cities

Green Garden Township
+6.1%
Frankfort Township
+2.9%
Mokena
+2.6%
Matteson
-2.1%
Frankfort
-10.0%

Housing Supply in Frankfort, IL

How many homes are available in Frankfort, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
103130+26.2%

Summary: The Frankfort real estate market had 130 homes for sale in May 2024, a 26.2% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 11
0.0%
2 1715
-11.8%
3 3348
+45.5%
4 3448
+41.2%
5+ 1818
0.0%

Summary: The Frankfort 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 decreased by 11.8%, 3 bedroom homes increased by 45.5%, 4 bedroom homes increased by 41.2%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
3025-16.7%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Frankfort, you may be able to get a good deal. 40% of homes here sold below asking price last month.

Summary: A total of 25 homes were sold or pending in Frankfort in May 2024, down by 16.7% month-over-month. Of the 25 sold homes, 40% were sold under asking, 32% were sold at asking, and 28% were sold over asking.

Days on Market for Frankfort, IL

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

Average Sale Time

May 2023May 2024CHANGE
47 Days23 Days-50.8%

Summary: Homes in Frankfort had an average of 23 days on market in May 2024, down by 50.8% compared to last year.

Breakdown of Home Sale Times

20 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 25 homes were sold in Frankfort; 80% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 4% 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 1 Day Ago

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