Is Frankfort, 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, Frankfort has remained a Seller's Market.
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
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
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $205K | $202.7K | -1.1% |
2 Bedrooms | $365.7K | $287.5K | -21.4% |
3 Bedrooms | $425K | $365K | -14.1% |
4 Bedrooms | $605K | $564.9K | -6.6% |
5+ Bedrooms | $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 | $572.5K | $607.5K | +6.1% |
Frankfort Township | $399.9K | $411.5K | +2.9% |
Mokena | $371K | $380.6K | +2.6% |
Matteson | $240K | $234.9K | -2.1% |
Frankfort | $512.2K | $461.2K | -10.0% |
Housing Supply in Frankfort, IL
How many homes are available in Frankfort, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
103 | 130 | +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
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 17 | 15 | -11.8% |
3 Bedrooms | 33 | 48 | +45.5% |
4 Bedrooms | 34 | 48 | +41.2% |
5+ Bedrooms | 18 | 18 | 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 2024 | May 2024 | CHANGE |
---|---|---|
30 | 25 | -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
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 2023 | May 2024 | CHANGE |
---|---|---|
47 Days | 23 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
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.