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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Morrison is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Morrison, IL

How much do homes in Morrison, IL cost?

Median Sold Price

$135,500

$91/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$18,050(+15.4%)

Key Takeaway

Homes in Morrison have sold for 15.4% more than they did a year ago.

Summary: The median home sold price in Morrison was $135,500 in May 2024, up 15.4% from last year, and the median price per square foot was $91.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $27.6K$115.5K
+318.5%
2 $88.4K$83K
-6.2%
3 $121.2K$135.5K
+11.8%
4 $148K$180K
+21.6%
5+ $167.4K$273.5K
+63.3%

Summary: Morrison housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 318.5%, 2 bedroom homes decreased by 6.2%, 3 bedroom homes increased by 11.8%, 4 bedroom homes increased by 21.6%, and 5+ bedroom homes increased by 63.3%.

Median Sold Price Compared To Nearby Cities

Morrison
+15.4%
Mount Pleasant Township
+1.3%

Housing Supply in Morrison, IL

How many homes are available in Morrison, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
2428+16.7%

Summary: The Morrison real estate market had 28 homes for sale in May 2024, a 16.7% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 10
-100.0%
2 66
0.0%
3 1115
+36.4%
4 67
+16.7%
5+ 00
0.0%

Summary: The Morrison housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 36.4%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
57+40.0%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Morrison, you may be able to get a good deal. 71.4% of homes here sold below asking price last month.

Summary: A total of 7 homes were sold or pending in Morrison in May 2024, up by 40.0% month-over-month. Of the 7 sold homes, 71% were sold under asking, 14% were sold at asking, and 14% were sold over asking.

Days on Market for Morrison, IL

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

Average Sale Time

May 2023May 2024CHANGE
105 Days40 Days-61.8%

Summary: Homes in Morrison had an average of 40 days on market in May 2024, down by 61.8% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 7 homes were sold in Morrison; 43% of homes were sold within 30 days, 43% of homes were sold within 30 to 90 days, and 14% 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 4 Days Ago

Newest Listings in Morrison, IL

Nearby Markets to Morrison, IL

What housing markets are near Morrison, IL?