Is Sterling Township, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Sterling Township is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Sterling Township, IL

How much do homes in Sterling Township, IL cost?

Median Sold Price

$117,875

$93/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$3,275(+2.9%)

Key Takeaway

Homes in Sterling Township have sold for 2.9% more than they did a year ago.

Summary: The median home sold price in Sterling Township was $117,875 in May 2024, up 2.9% from last year, and the median price per square foot was $93.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $98.2K$92K
-6.4%
2 $79.2K$85K
+7.3%
3 $124.4K$134K
+7.7%
4 $123.5K$160K
+29.6%
5+ $80.2K$119.9K
+49.4%

Summary: Sterling Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6.4%, 2 bedroom homes increased by 7.3%, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 29.6%, and 5+ bedroom homes increased by 49.4%.

Median Sold Price Compared To Nearby Cities

Rock Falls
+39.9%
Sterling
+9.1%
Coloma Township
+6.4%
Sterling Township
+2.9%

Housing Supply in Sterling Township, IL

How many homes are available in Sterling Township, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
6163+3.3%

Summary: The Sterling Township real estate market had 63 homes for sale in May 2024, a 3.3% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 43
-25.0%
2 1416
+14.3%
3 2726
-3.7%
4 1214
+16.7%
5+ 44
0.0%

Summary: The Sterling Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes increased by 14.3%, 3 bedroom homes decreased by 3.7%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
1617+6.3%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Sterling Township, you may be able to get a good deal. 47.1% of homes here sold below asking price last month.

Summary: A total of 17 homes were sold or pending in Sterling Township in May 2024, up by 6.3% month-over-month. Of the 17 sold homes, 47% were sold under asking, 18% were sold at asking, and 35% were sold over asking.

Days on Market for Sterling Township, IL

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

Average Sale Time

May 2023May 2024CHANGE
44 Days33 Days-24.2%

Summary: Homes in Sterling Township had an average of 33 days on market in May 2024, down by 24.2% compared to last year.

Breakdown of Home Sale Times

13 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 17 homes were sold in Sterling Township; 76% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 12% 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 Sterling Township, IL

Nearby Markets to Sterling Township, IL

What housing markets are near Sterling Township, IL?