Is Kankakee, 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, Kankakee has remained a Seller's Market.
Housing Prices in Kankakee, IL
How much do homes in Kankakee, IL cost?
Median Sold Price
$157,500
$108/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Kankakee was $157,500 in May 2024, up 26.5% from last year, and the median price per square foot was $108.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $116K | $46K | -60.3% |
2 Bedrooms | $107.5K | $103K | -4.2% |
3 Bedrooms | $128K | $170K | +32.8% |
4 Bedrooms | $133.7K | $187K | +39.8% |
5+ Bedrooms | $109.5K | $205K | +87.2% |
Summary: Kankakee housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 60.3%, 2 bedroom homes decreased by 4.2%, 3 bedroom homes increased by 32.8%, 4 bedroom homes increased by 39.8%, and 5+ bedroom homes increased by 87.2%.
Median Sold Price Compared To Nearby Cities
Kankakee | $124.5K | $157.5K | +26.5% |
Kankakee Township | $125.5K | $157.5K | +25.5% |
Bourbonnais Township | $210.6K | $240K | +13.9% |
Bradley | $174.9K | $190K | +8.6% |
Aroma Township | $181.9K | $189K | +3.9% |
Housing Supply in Kankakee, IL
How many homes are available in Kankakee, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
127 | 139 | +9.4% |
Summary: The Kankakee real estate market had 139 homes for sale in May 2024, a 9.4% 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 | 35 | 43 | +22.9% |
3 Bedrooms | 56 | 54 | -3.6% |
4 Bedrooms | 25 | 30 | +20.0% |
5+ Bedrooms | 10 | 11 | +10.0% |
Summary: The Kankakee 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 22.9%, 3 bedroom homes decreased by 3.6%, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 10%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
29 | 36 | +24.1% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Summary: A total of 36 homes were sold or pending in Kankakee in May 2024, up by 24.1% month-over-month. Of the 36 sold homes, 53% were sold under asking, 17% were sold at asking, and 31% were sold over asking.
Days on Market for Kankakee, IL
How long does it take to sell a home in Kankakee, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
59 Days | 44 Days | -25.9% |
Summary: Homes in Kankakee had an average of 44 days on market in May 2024, down by 25.9% compared to last year.
Breakdown of Home Sale Times
24 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Summary: During May 2024, 36 homes were sold in Kankakee; 67% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.