Is Madison County, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Madison County is a seller's market

Buyer's
Market

Difference Since April 2023

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

Key Takeaway

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

Housing Prices in Madison County, IL

How much do homes in Madison County, IL cost?

Median Sold Price

$174,603

$112/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$6,497(+3.9%)

Key Takeaway

Homes in Madison County have sold for 3.9% more than they did a year ago.

Summary: The median home sold price in Madison County was $174,603 in April 2024, up 3.9% from last year, and the median price per square foot was $112.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $47.5K$42K
-11.6%
2 $95K$106.5K
+12.1%
3 $172.7K$183.7K
+6.4%
4 $291.6K$307.8K
+5.6%
5+ $380.9K$419K
+10.0%

Summary: Madison County housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 11.6%, 2 bedroom homes increased by 12.1%, 3 bedroom homes increased by 6.4%, 4 bedroom homes increased by 5.6%, and 5+ bedroom homes increased by 10%.

Median Sold Price Compared To Nearby Counties

Jersey County
+9.9%
Bond County
+6.7%
Saint Clair County
+5.3%
Macoupin County
+4.5%
Madison County
+3.9%

Housing Supply in Madison County, IL

How many homes are available in Madison County, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
840903+7.5%

Summary: The Madison County real estate market had 903 homes for sale in April 2024, a 7.5% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 129
-25.0%
2 206215
+4.4%
3 405429
+5.9%
4 169196
+16.0%
5+ 4854
+12.5%

Summary: The Madison County housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes increased by 4.4%, 3 bedroom homes increased by 5.9%, 4 bedroom homes increased by 16%, and 5+ bedroom homes increased by 12.5%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
2732730.0%

Asking Price vs. Sold Price

100 Homes Were Sold
Under Asking

64 Homes Were Sold
At Asking

109 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Madison County, you could pay more than the asking price. 39.9% of homes here sold above asking price last month.

Summary: A total of 273 homes were sold or pending in Madison County in April 2024, the same as the previous month. Of the 273 sold homes, 37% were sold under asking, 23% were sold at asking, and 40% were sold over asking.

Days on Market for Madison County, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
51 Days48 Days-6.4%

Summary: Homes in Madison County had an average of 48 days on market in Apr 2024, down by 6.4% compared to last year.

Breakdown of Home Sale Times

127 Homes Were Sold
Under 30 Days

107 Homes Were Sold
In 30 - 90 Days

35 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 273 homes were sold in Madison County; 47% of homes were sold within 30 days, 39% of homes were sold within 30 to 90 days, and 13% 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 10 Days Ago

Newest Listings in Madison County, IL

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