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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Sterling is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Sterling, IL

How much do homes in Sterling, IL cost?

Median Sold Price

$117,875

$93/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$9,875(+9.1%)

Key Takeaway

Homes in Sterling have sold for 9.1% more than they did a year ago.

Summary: The median home sold price in Sterling was $117,875 in May 2024, up 9.1% from last year, and the median price per square foot was $93.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $98.2K$92K
-6.4%
2 $77.5K$85K
+9.7%
3 $117.7K$134K
+13.8%
4 $117.2K$160K
+36.5%
5+ $80.2K$119.9K
+49.4%

Summary: Sterling housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6.4%, 2 bedroom homes increased by 9.7%, 3 bedroom homes increased by 13.8%, 4 bedroom homes increased by 36.5%, and 5+ bedroom homes increased by 49.4%.

Median Sold Price Compared To Nearby Cities

Rock Falls
+39.9%
Sterling
+9.1%
Coloma Township
+6.4%
Sterling Township
+2.9%

Housing Supply in Sterling, IL

How many homes are available in Sterling, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
6163+3.3%

Summary: The Sterling real estate market had 63 homes for sale in May 2024, a 3.3% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 43
-25.0%
2 1416
+14.3%
3 2726
-3.7%
4 1214
+16.7%
5+ 44
0.0%

Summary: The Sterling housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes increased by 14.3%, 3 bedroom homes decreased by 3.7%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
1617+6.3%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Sterling, you may be able to get a good deal. 47.1% of homes here sold below asking price last month.

Summary: A total of 17 homes were sold or pending in Sterling in May 2024, up by 6.3% month-over-month. Of the 17 sold homes, 47% were sold under asking, 18% were sold at asking, and 35% were sold over asking.

Days on Market for Sterling, IL

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

Average Sale Time

May 2023May 2024CHANGE
44 Days33 Days-24.2%

Summary: Homes in Sterling had an average of 33 days on market in May 2024, down by 24.2% compared to last year.

Breakdown of Home Sale Times

13 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 17 homes were sold in Sterling; 76% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 12% 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

Newest Listings in Sterling, IL

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