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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Mokena is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Mokena, IL

How much do homes in Mokena, IL cost?

Median Sold Price

$380,666

$176/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$9,666(+2.6%)

Key Takeaway

Homes in Mokena have sold for 2.6% more than they did a year ago.

Summary: The median home sold price in Mokena was $380,666 in May 2024, up 2.6% from last year, and the median price per square foot was $176.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $110K$128K
+16.4%
2 $250K$268.5K
+7.4%
3 $335K$325K
-3.0%
4 $539.9K$520K
-3.7%
5+ $549.8K$710K
+29.1%

Summary: Mokena housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.4%, 2 bedroom homes increased by 7.4%, 3 bedroom homes decreased by 3%, 4 bedroom homes decreased by 3.7%, and 5+ bedroom homes increased by 29.1%.

Median Sold Price Compared To Nearby Cities

Tinley Park
+11.4%
New Lenox Township
+9.4%
Frankfort Township
+2.9%
Mokena
+2.6%
Frankfort
-10.0%

Housing Supply in Mokena, IL

How many homes are available in Mokena, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
8298+19.5%

Summary: The Mokena real estate market had 98 homes for sale in May 2024, a 19.5% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 1819
+5.6%
3 2032
+60.0%
4 2729
+7.4%
5+ 1718
+5.9%

Summary: The Mokena 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 5.6%, 3 bedroom homes increased by 60%, 4 bedroom homes increased by 7.4%, and 5+ bedroom homes increased by 5.9%.

Number of Homes Sold

Apr 2024May 2024CHANGE
2723-14.8%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Mokena, expect to pay close to the asking price. 34.8% of homes here sold near the asking price last month.

Summary: A total of 23 homes were sold or pending in Mokena in May 2024, down by 14.8% month-over-month. Of the 23 sold homes, 30% were sold under asking, 35% were sold at asking, and 35% were sold over asking.

Days on Market for Mokena, IL

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

Average Sale Time

May 2023May 2024CHANGE
37 Days20 Days-46.0%

Summary: Homes in Mokena had an average of 20 days on market in May 2024, down by 46% compared to last year.

Breakdown of Home Sale Times

19 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 23 homes were sold in Mokena; 83% of homes were sold within 30 days, 13% 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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