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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Manhattan is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Manhattan, IL

How much do homes in Manhattan, IL cost?

Median Sold Price

$364,950

$171/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$68,737(+23.2%)

Key Takeaway

Homes in Manhattan have sold for 23.2% more than they did a year ago.

Summary: The median home sold price in Manhattan was $364,950 in May 2024, up 23.2% from last year, and the median price per square foot was $171.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $125K-
N/A
2 $220.2K$257.5K
+16.9%
3 $269.9K$296K
+9.7%
4 $419.9K$425.5K
+1.3%
5+ $517.5K$550K
+6.3%

Summary: Manhattan 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 16.9%, 3 bedroom homes increased by 9.7%, 4 bedroom homes increased by 1.3%, and 5+ bedroom homes increased by 6.3%.

Median Sold Price Compared To Nearby Cities

Manhattan
+23.2%
Manhattan Township
+13.5%

Housing Supply in Manhattan, IL

How many homes are available in Manhattan, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
5356+5.7%

Summary: The Manhattan real estate market had 56 homes for sale in May 2024, a 5.7% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 68
+33.3%
3 1720
+17.6%
4 2222
0.0%
5+ 86
-25.0%

Summary: The Manhattan 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 33.3%, 3 bedroom homes increased by 17.6%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 25%.

Number of Homes Sold

Apr 2024May 2024CHANGE
1217+41.7%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Manhattan, you may be able to get a good deal. 52.9% of homes here sold below asking price last month.

Summary: A total of 17 homes were sold or pending in Manhattan in May 2024, up by 41.7% month-over-month. Of the 17 sold homes, 53% were sold under asking, 29% were sold at asking, and 18% were sold over asking.

Days on Market for Manhattan, IL

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

Average Sale Time

May 2023May 2024CHANGE
40 Days35 Days-13.4%

Summary: Homes in Manhattan had an average of 35 days on market in May 2024, down by 13.4% compared to last year.

Breakdown of Home Sale Times

11 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 17 homes were sold in Manhattan; 65% of homes were sold within 30 days, 24% 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 1 Day Ago

Newest Listings in Manhattan, IL

Nearby Markets to Manhattan, IL

What housing markets are near Manhattan, IL?