Is Cortland, 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, Cortland has remained a Seller's Market.
Housing Prices in Cortland, IL
How much do homes in Cortland, IL cost?
Median Sold Price
$266,750
$154/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Cortland was $266,750 in May 2024, up 5.9% from last year, and the median price per square foot was $154.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $204.9K | - | N/A |
2 Bedrooms | $184.5K | $230K | +24.7% |
3 Bedrooms | $251K | $265K | +5.6% |
4 Bedrooms | $255.5K | $299.9K | +17.4% |
5+ Bedrooms | $284.9K | $266.8K | -6.3% |
Summary: Cortland 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 24.7%, 3 bedroom homes increased by 5.6%, 4 bedroom homes increased by 17.4%, and 5+ bedroom homes decreased by 6.3%.
Median Sold Price Compared To Nearby Cities
Maple Park | $269.2K | $394.9K | +46.7% |
DeKalb | $195K | $224.7K | +15.2% |
Cortland Township | $261.5K | $285.9K | +9.3% |
Cortland | $252K | $266.7K | +5.9% |
Housing Supply in Cortland, IL
How many homes are available in Cortland, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
42 | 40 | -4.8% |
Summary: The Cortland real estate market had 40 homes for sale in May 2024, a 4.8% decrease compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 2 | 4 | +100.0% |
3 Bedrooms | 24 | 19 | -20.8% |
4 Bedrooms | 16 | 17 | +6.3% |
5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Cortland 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 100%, 3 bedroom homes decreased by 20.8%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
13 | 9 | -30.8% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
7 Homes Were Sold
Over Asking
Summary: A total of 9 homes were sold or pending in Cortland in May 2024, down by 30.8% month-over-month. Of the 9 sold homes, 11% were sold under asking, 11% were sold at asking, and 78% were sold over asking.
Days on Market for Cortland, IL
How long does it take to sell a home in Cortland, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
22 Days | 39 Days | +76.2% |
Summary: Homes in Cortland had an average of 39 days on market in May 2024, up by 76.2% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 9 homes were sold in Cortland; 67% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.