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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Central is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Central, IL

How much do homes in Central, IL cost?

Median Sold Price

$386,625

$335/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$21,645(+5.9%)

Key Takeaway

Homes in Central have sold for 5.9% more than they did a year ago.

Summary: The median home sold price in Central was $386,625 in May 2024, up 5.9% from last year, and the median price per square foot was $335.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $265K$270K
+1.9%
2 $404.5K$415K
+2.6%
3 $740K$765K
+3.4%
4 $1.4M$1.1M
-20.1%
5+ $1.4M$2.2M
+56.4%

Summary: Central housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.9%, 2 bedroom homes increased by 2.6%, 3 bedroom homes increased by 3.4%, 4 bedroom homes decreased by 20.1%, and 5+ bedroom homes increased by 56.4%.

Median Sold Price Compared To Nearby Neighborhoods

Central
+5.9%
1720 S Michigan Ave.
-2.4%

Housing Supply in Central, IL

How many homes are available in Central, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
604704+16.6%

Summary: The Central real estate market had 704 homes for sale in May 2024, a 16.6% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 199226
+13.6%
2 274328
+19.7%
3 108123
+13.9%
4 2227
+22.7%
5+ 10
-100.0%

Summary: The Central housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 13.6%, 2 bedroom homes increased by 19.7%, 3 bedroom homes increased by 13.9%, 4 bedroom homes increased by 22.7%, and 5+ bedroom homes decreased by 100%.

Number of Homes Sold

Apr 2024May 2024CHANGE
131144+9.9%

Asking Price vs. Sold Price

77 Homes Were Sold
Under Asking

17 Homes Were Sold
At Asking

50 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Central, you may be able to get a good deal. 53.5% of homes here sold below asking price last month.

Summary: A total of 144 homes were sold or pending in Central in May 2024, up by 9.9% month-over-month. Of the 144 sold homes, 53% were sold under asking, 12% were sold at asking, and 35% were sold over asking.

Days on Market for Central, IL

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

Average Sale Time

May 2023May 2024CHANGE
45 Days34 Days-23.2%

Summary: Homes in Central had an average of 34 days on market in May 2024, down by 23.2% compared to last year.

Breakdown of Home Sale Times

93 Homes Were Sold
Under 30 Days

41 Homes Were Sold
In 30 - 90 Days

10 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 144 homes were sold in Central; 65% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 7% 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 2 Days Ago

Newest Listings in Central, IL

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