Is Burbank, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Burbank has remained a Seller's Market.
Housing Prices in Burbank, IL
How much do homes in Burbank, IL cost?
Median Sold Price
$290,000
$209/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Burbank was $290,000 in April 2024, up 9.4% from last year, and the median price per square foot was $209.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $109.9K | - | N/A |
2 Bedrooms | $163K | $215K | +31.9% |
3 Bedrooms | $262.5K | $284K | +8.2% |
4 Bedrooms | $285.5K | $332K | +16.3% |
5+ Bedrooms | $439.5K | $397.5K | -9.6% |
Summary: Burbank housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 31.9%, 3 bedroom homes increased by 8.2%, 4 bedroom homes increased by 16.3%, and 5+ bedroom homes decreased by 9.6%.
Median Sold Price Compared To Nearby Cities
Burbank | $265K | $290K | +9.4% |
Bridgeview | $254K | $270K | +6.3% |
Stickney Township | $265K | $281K | +6.0% |
Oak Lawn | $245K | $254.3K | +3.8% |
Housing Supply in Burbank, IL
How many homes are available in Burbank, IL?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
77 | 81 | +5.2% |
Summary: The Burbank real estate market had 81 homes for sale in April 2024, a 5.2% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 7 | 7 | 0.0% |
3 Bedrooms | 47 | 50 | +6.4% |
4 Bedrooms | 17 | 16 | -5.9% |
5+ Bedrooms | 6 | 8 | +33.3% |
Summary: The Burbank housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 6.4%, 4 bedroom homes decreased by 5.9%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
25 | 18 | -28.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Summary: A total of 18 homes were sold or pending in Burbank in April 2024, down by 28.0% month-over-month. Of the 18 sold homes, 28% were sold under asking, 22% were sold at asking, and 50% were sold over asking.
Days on Market for Burbank, IL
How long does it take to sell a home in Burbank, IL?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
35 Days | 15 Days | -56.9% |
Summary: Homes in Burbank had an average of 15 days on market in Apr 2024, down by 56.9% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During April 2024, 18 homes were sold in Burbank; 89% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.