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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Marengo is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Marengo, IL

How much do homes in Marengo, IL cost?

Median Sold Price

$339,745

$164/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$96,245(+39.5%)

Key Takeaway

Homes in Marengo have sold for 39.5% more than they did a year ago.

Summary: The median home sold price in Marengo was $339,745 in May 2024, up 39.5% from last year, and the median price per square foot was $164.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 -$190.2K
N/A
2 $165K$249.5K
+51.2%
3 $262.5K$332.2K
+26.6%
4 $265.7K$365K
+37.3%
5+ $290K$370K
+27.6%

Summary: Marengo housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 51.2%, 3 bedroom homes increased by 26.6%, 4 bedroom homes increased by 37.3%, and 5+ bedroom homes increased by 27.6%.

Median Sold Price Compared To Nearby Cities

Marengo
+39.5%
Marengo Township
+39.5%
Riley Township
+14.6%
Coral Township
+4.7%
Seneca Township
-15.9%

Housing Supply in Marengo, IL

How many homes are available in Marengo, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
4966+34.7%

Summary: The Marengo real estate market had 66 homes for sale in May 2024, a 34.7% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 01
+100.0%
2 78
+14.3%
3 1929
+52.6%
4 1825
+38.9%
5+ 53
-40.0%

Summary: The Marengo housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 52.6%, 4 bedroom homes increased by 38.9%, and 5+ bedroom homes decreased by 40%.

Number of Homes Sold

Apr 2024May 2024CHANGE
13130.0%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Marengo, you may be able to get a good deal. 46.2% of homes here sold below asking price last month.

Summary: A total of 13 homes were sold or pending in Marengo in May 2024, the same as the previous month. Of the 13 sold homes, 46% were sold under asking, 23% were sold at asking, and 31% were sold over asking.

Days on Market for Marengo, IL

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

Average Sale Time

May 2023May 2024CHANGE
6 Days10 Days+56.6%

Summary: Homes in Marengo had an average of 10 days on market in May 2024, up by 56.6% compared to last year.

Breakdown of Home Sale Times

12 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 13 homes were sold in Marengo; 92% of homes were sold within 30 days, 8% 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 1 Day Ago

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